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Result Updates | Feb 08th 2016

TVS Srichakra Ltd

CMP : 2,528Target 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..

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Result Updates | Feb 06th 2016

MT Educare Ltd

CMP : 160Target 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..

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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

Gujarat Pipavav Port Ltd

CMP : 156
Target Price :

For 3QFY2016, Gujarat Pipavav Port (GPPL) reported 10.3% yoy decline in revenues to Rs152cr. On sequential basis revenue was up 8.3%. Reported top-line number is below our expectation of Rs170cr. Top-line de-growth on a yoy basis is on account of (1) 9.2% decrease in Container business volumes (to 178,000TEUs), and (2) 63.3% decrease in D..

Result Updates | Feb 02nd 2016

Larsen & Toubro Ltd

CMP : 1,122
Target Price : 1,310

Standalone numbers disappoint: For 3QFY2016, Larsen & Toubro (L&T) reported 1.5% yoy decrease in its top-line to Rs14,774cr, reflecting revenue de-growth across Infrastructure and Others segments. The EBITDA margin for the quarter is down 368bp yoy to 6.8%, on account of surge in SAO and employee expenses. The PAT came in at Rs791..

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..

Result Updates | Feb 02nd 2016

Yes Bank Ltd

CMP : 772
Target Price :

Yes Bank reported a healthy performance during 3QFY2016 with PAT growth of 25.1% yoy to Rs675.7cr, which is above our expectation. The NII for the bank grew strong by 27.3% yoy on account of strong growth in advances and Retail & CASA deposits. Advances and deposits growth remains strong: During the quarter, advances grew at a healthy..