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Company Updates | Oct 06th 2016

Axis Bank Ltd

CMP : 536Target Price : 630

Despite slow down in the industry, Axis Bank continues to deliver strong business growth: Axis Bank has been able to outpace the industry growth delivering 19% CAGR in loan book over FY12-16. The key driving force has been the retail business (39% CAGR), whose share has gone up to 41% from 21% during the same period. The management has be..

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Initiating Coverage | Oct 03rd 2016

Asian Granito India Ltd

CMP : 277Target Price : 351

Asian Granito India (AGIL) is engaged in the manufacturing and sale of ceramic wall, ceramic floor, vitrified tiles, digital polished glazed vitrified tiles, digital wall tiles, marble, and quartz. The company offers more than 1,200 designs and export its products in 50+ countries. It has eight manufacturing facilities spread across Gujar..

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Result Updates | Sep 15th 2016

Siyaram Silk Mills Ltd

CMP : 1,250
Target Price : 1,469

Siyaram Silk Mills (SSML)’ results for 1QFY2017 have come in below our estimates with the company having reported a de-growth in its top-line as well as the bottom-line for the quarter. Top-line de-growth: The top-line for the quarter de-grew by ~5% yoy to Rs281cr which can be mainly attributed to lower volume growth. Underperformance at ..

Result Updates | Sep 15th 2016

IL&FS Transportation Networks Ltd

CMP : 91
Target Price :

IL&FS Transportation Networks (ITNL) in 1QFY2017 has not reported consol. numbers as it is in process of migrating to Ind-AS. Despite strong execution, sharp decline in yoy Fee and O&M income led ITNL report 3.6% increase in standalone revenues. High contribution of low margin construction business was seen during in 1QFY2017 (con..

Result Updates | Sep 14th 2016

T.V. Today Network Ltd

CMP : 298
Target Price : 363

TV Today Network (TTNL) reported a good set of numbers for 1QFY2017 with its consolidated top-line growing by ~8% yoy for the quarter. On the operating front, the company reported margin expansion on account of lower selling & administrative expenses, which lead to the net profit growing by ~24% yoy for the quarter. Top-line grew ~8% ..

Result Updates | Sep 08th 2016

Navkar Corporation Ltd

CMP : 192
Target Price : 265

Navkar Corporation (NCL) reported a good set of numbers for 1QFY2017. The consolidated top-line grew by ~10% yoy while on the operating front, the company reported a margin contraction on account of higher employee and other operating expenses. The net profit grew by ~41% yoy due to lower interest cost and higher other income. Top-line gr..

Initiating Coverage | Sep 01st 2016

Mirza International Ltd

CMP : 84
Target Price : 113

Mirza International Ltd (MIL) is engaged in manufacturing and marketing leather and leather footwear. It exports its products to the European Union, Germany, the United Kingdom, the United States, Italy, and France among other geographies. Its brands include Red Tape and Oaktrak. Strong growth in domestic branded segment to drive overall ..

Result Updates | Aug 31st 2016

PNC Infratech Ltd

CMP : 120
Target Price : 143

For 1QFY2017, PNC Infratech (PNC) reported top-line growth of 18.6% while the bottom-line grew by substantial 145.6% yoy. The top-line growth was driven by strong execution across Agra-Firozabad and Varanasi-Gorakhpur road projects. Despite strong execution, decline in raw material and other expenses led to 81bp yoy decline in EBITDA marg..

Initiating Coverage | Aug 31st 2016

RBL Bank Ltd

CMP : 300
Target Price : 325

Strong management team & focused approach to drive growth: The new Management led by MD & CEO Mr Vishwavir Ahuja which took charge in 2010 has been instrumental in the outstanding growth of the bank over the years, wherein the bank transformed itself from being a traditional bank to a new age bank. RBL has been largely focusing on..

Result Updates | Aug 25th 2016

Aurobindo Pharma Ltd

CMP : 788
Target Price : 877

For 1QFY2017, the company’s sales came in at Rs3,664cr V/s Rs3,900cr expected and V/s Rs3,664cr in 1QFY2017, a yoy growth of 13.0%, mainly driven by formulations. Formulations (Rs3,032cr) posted a yoy growth of 15.9% and constituted around 80% of overall sales, while API (Rs735cr) posted a yoy growth of 1.6%. On the operating front, the E..

Initiating Coverage | Aug 22nd 2016

Mahindra Lifespace Developers Ltd

CMP : 432
Target Price : 522

Mahindra Lifespace Developers (MLF) is the Real Estate company of Mahindra group. The company benefits from the strong pedigree, brand name, trust and reputation of the Mahindra group. We also believe that over last few years, the company has shaped and executed its business strategy very well, positioning it for strong revenue and earnin..

Result Updates | Aug 18th 2016

Radico Khaitan Ltd

CMP : 101
Target Price : 125

For 1QFY2017, Radico Khaitan’s results have come in line with our estimates. The company’s top-line grew by ~3% yoy to Rs430cr on back of higher sales of premium products while the bottom-line grew by ~25% yoy to Rs22cr on the back of a strong operating performance and lower taxes. Top-line grew ~3% yoy: Volume growth during the quarter w..