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CMP : 119Target Price : 144

For 2QFY2016, Visaka Industries reported a mixed set of numbers. The top-line, at Rs192cr (8.2% yoy decline), was marginally below our estimate of Rs205cr. The EBITDA declined by 21.6% yoy to Rs15cr and the EBITDA margin contracted by 135bp yoy to 7.9%, owing to a 109bp yoy increase in raw material cost as a percentage of sales to 50.2% a..

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CMP : 45Target Price :

Steel Authority of India (Sail) reported a weak set of numbers for 2QFY2016 with a loss at the operating and net profit level. While volumes were in line with expectations at 2.74MT (estimate 2.75MT), blended realisations declined 15% yoy to Rs37,388/tonne as against our expectation of a 12% decline. Owing to a higher-than-expected drop i..

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Nov 17th 2015

Finolex Cables Ltd

CMP : 258
Target Price :

Finolex Cables (FCL) has reported its 2QFY2016 numbers which are below our estimates. The top-line declined by 4.9% yoy to Rs605cr. The decline is on account of lower commodity prices which were passed on, resulting in lower realizations. The raw material cost declined by 178bp yoy to 72.1% of sales but the same was negated by 59bp yoy in..

CMP : 206
Target Price : 285

For 2QFY2016, MBL Infrastructures (MBL) reported a 16.8% yoy top-line growth to Rs406cr. The company reported a yoy decline in EBITDA margin to 11.7% for the quarter. During 2QFY2015, MBL had received Rs5cr as escalation amount from the Guwahati project. On adjusting for the same, the EBITDA margin declined 202bp yoy. Fall in yoy EBITDA m..

CMP : 319
Target Price :

Simplex Infrastructures (Simplex) reported in-line set of numbers for 2QFY2016. The company reported a top-line of Rs1,392cr, up 11.5% yoy, but slightly below our expectation of Rs1,399cr. The EBITDA for the quarter stood at Rs143cr, ahead of our estimate of Rs141cr while the EBITDA margin expanded by 7bp yoy to 10.3%, for 2QFY2016. Stron..

CMP : 165
Target Price : 185

Linc Pen & Plastics (LPPL)s 2QFY2016 results outperformed our estimates on the bottom-line front. The companys 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 strong growth ..

CMP : 262
Target Price :

For 2QFY2016, Kirloskar Oil Engines (KOEL) reported a disappointing set of numbers. Its top-line for the quarter declined by 6.0% yoy to Rs590cr. The raw material cost declined by 286bp yoy to 62.3% of sales while employee expense increased by 79bp yoy to 8.5% of sales, and other expenses increased by 405bp yoy to 21.0% of sales. This res..

CMP : 144
Target Price :

For 2QFY2016, Competent Auto (Competent) reported a decent set of numbers. The top-line for the quarter grew by 12.2% yoy to Rs220cr, which is slightly lower than our estimate of Rs226cr. The revenue growth is in-line with growth reported by Maruti Suzuki in 2QFY2016, where its top-line grew by 13.1% yoy largely owing to 10% volume growth..

CMP : 742
Target Price : 950

For 2QFY2016, Sun Pharmaceuticals Industries (Sun Pharma) posted results marginally lower than our expectations. Sales for the quarter, at Rs6,803cr (V/s Rs6,600cr estimated) dipped 15% yoy. On the operating front, the company posted an OPM of 27.9% V/s 38.0% in 2QFY2015 and V/s our expectation of 25.4%. The company had benefitted signifi..

CMP : 893
Target Price : 1,089

National Building Construction Corporation (NBCC) a Navratna company, is one of the largest Public Sector Enterprises (PSEs) in the construction space. Its Project Management Contract (PMC) division (~85% of FY2015 revenues) is a cash cow business, which gets large orders on nomination basis and enjoys a negative working capital cycle. Hu..

Nov 16th 2015

Coal India Ltd

CMP : 338
Target Price : 380

For 2QFY2016, Coal India (CIL) reported a strong 8% yoy increase in revenue to Rs16,958cr, in line with our estimate of Rs16,833cr. Off-take volumes were marginally ahead of our expectations at 121.8MT (our estimate was of 119.1MT). Off-take was higher in the FSA segment with e-auction and washeries volumes in line with expectations. FSA ..

Nov 16th 2015

Tata Motors Ltd

CMP : 400
Target Price :

Operating results below estimates: Tata Motors 2QFY2016 results have come in below our estimates on the operating front. Consolidated revenues grew marginally by 1% yoy to Rs61,318cr (coming slightly ahead of our estimates of Rs57,484cr). Growth was subdued, mainly due to flattish top-line at JLR. JLRs volumes grew a healthy 12% yoy durin..