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Company Research Reports

Company Reports

Initiating Coverage | Aug 04th 2016

T.V. Today Network Ltd

CMP : 297Target Price : 363

TV Today Network (TTNL) is one of Indias leading Hindi-English news television networks. The companys operating segments include television broadcasting and radio broadcasting. The company operates four news channels, which include Aaj Tak, India Today (earlier know as Headlines Today), Tez and Dilli Aaj Tak. It is also engaged in publish..

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Result Updates | Aug 04th 2016

Alembic Pharmaceuticals Ltd

CMP : 622Target Price :

For 1QFY2017, Alembic Pharmaceuticals posted sales of Rs727cr V/s Rs583cr in 1QFY2016, ie a yoy growth of 24.8%. Formulations (Rs607.6cr) grew 29.3% yoy, while API (Rs128cr) grew 7.0% yoy. On the operating profit front, the OPM came in at 21.4% V/s 17.4% in 1QFY2016 and V/s 22.7% expected. Expansion in the OPM was mainly on back of gross ..

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Result Updates | Aug 04th 2016

Voltas Ltd

CMP : 349
Target Price : 407

Voltas reported a strong set of numbers for 1QFY2017. Top-line at Rs1,845cr is higher than our expectation and up 18.2% yoy, led by strong UCP segment sales. UCP segment impressed us with 28.9% yoy increase in revenue to Rs1,196cr (65% of overall 1QFY2017 revenues). EBITDA margins for the quarter expanded by 204bps yoy at 10.3%. With most..

Result Updates | Aug 04th 2016

Glaxosmithkline Pharma Ltd

CMP : 3,139
Target Price :

For 1QFY2017, sales stood at Rs685cr V/s Rs700cr expected and V/s Rs622cr in 1QFY2016, a yoy growth of 10.2%. The sales growth has been impacted on back of the pricing cuts implemented by the government. On the operating front, the OPM came in at 10.2% V/s 16.7% in 1QFY2016 and V/s 17.0% expected. The company’s OPM was impacted by other e..

Result Updates | Aug 03rd 2016

Larsen & Toubro Ltd

CMP : 1,504
Target Price : 1,700

Standalone numbers impress: For the quarter, L&T reported lower than expected, 6% yoy increase in its top-line to Rs11,973cr. Revenue growth on yoy basis reflects 59.7% increase in Power segment and 14.1% decrease in Others segment. L&T reported 31bps EBITDA margin expansion to 6.6%. L&T reported Adj. PAT of Rs597cr, reflectin..

Result Updates | Aug 01st 2016

Equitas Holdings Ltd

CMP : 195
Target Price : 235

Equitas Holdings (Equitas) reported a strong set of results for 1QFY2017. Its AUM grew by 48% yoy which led to a PAT growth of 64% yoy to Rs61cr, both beating our expectations. The Management remains confident of sustenance of business growth in the years to come and expects to start the small finance bank (SFB) by 2QFY2017 end. AUM growt..

Result Updates | Jul 29th 2016

Dr Reddys Laboratories Ltd

CMP : 2,988
Target Price :

For 1QFY2017, Dr Reddy’s Laboratories (DRL) posted a poor set of numbers. It posted sales of Rs3,235cr V/s Rs3,900cr expected and V/s Rs3,758cr in 1QFY2016, a yoy de-growth of 14.0%. The company’s sales will continue to be under pressure owing to the likelihood of all its major markets posting a muted growth. Lower sales led to a soft EBI..

Result Updates | Jul 26th 2016

Dewan Housing Finance Corporation Ltd

CMP : 225
Target Price : 270

For 1QFY2017, Dewan Housing Finance Corporation (DHFL) reported a 16% growth in PAT to Rs201cr, which is in line with our expectation. There has been a decline in the company’s cost structure after many quarters, which we believe is sustainable and would add to earnings growth going ahead. At the operating level, the performance remained ..

Result Updates | Jul 26th 2016

Sanofi India Ltd

CMP : 4,582
Target Price :

Sanofi India (Sanofi) posted a robust set of numbers for 2QCY2016. It posted a 9.9% yoy growth in sales to Rs565cr, although the same are lower than our expectation. The bottom-line came in higher than our expectation on the back of a 30.5% surge in other income during the quarter. On the operating front, the company reported a gross marg..

Result Updates | Jul 26th 2016

Rallis India Ltd

CMP : 218
Target Price :

For 1QFY2017, Rallis India (Rallis) reported a yoy growth of 7.2% in sales to Rs445cr (V/s Rs415cr in 1QFY2016). On the operating front, the gross margin came in at 45.4% (V/s 44.8% in 1QFY2016), which along with sales growth aided the OPM to come in at 15.8% (V/s 13.5% in 1QFY2016). Aided by sales growth, a good operating performance and..

Result Updates | Jul 25th 2016

Wipro Ltd

CMP : 539
Target Price : 582

For 1QFY2017, Wipro posted a 2.6% sequential growth in its IT services revenues to US$1,930.8mn (V/s our expectation of US$1,925mn), while in constant currency (CC) terms the growth was of 2.2% qoq. In terms of geography, the growth was driven by the USA, which contributed ~53.5% of sales V/s 52.7% in 4QFY2016. On the operating front, EBI..

Company Updates | Jul 22nd 2016

IL&FS Transportation Networks Ltd

CMP : 79
Target Price : 93

Strong revenue & cash flow generation visibility: At 4QFY2016-end, IL&FS Transportation Networks Ltd (ITNL) reported gross Toll & Annuity income of Rs7.8cr/day (Toll Income at Rs5.4cr/day and Annuity Income at Rs2.9cr/day). 7 BOT projects (2 Annuity + 5 Toll) are expected to be operational in next few months. On being fully op..