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Result Updates | Nov 20th 2015

Hindalco Industries Ltd

CMP : 78Target Price :

For 2QFY2016, Hindalco Industries (Hindalco)’ standalone revenues came in 3% ahead of our expectations, but the EBITDA disappointed, coming in 16% below our estimate. Net sales increased 4.3% yoy to Rs8,841cr, vs our expectation of a 2.5% yoy decline, led by strong increase in aluminium volumes and higher credits from by-products in the c..

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Result Updates | Nov 20th 2015

Allahabad Bank

CMP : 74Target Price :

Allahabad Bank reported a 25% growth in PAT for 2QFY2016, aided by higher net interest income and lower provisions along with stable asset quality. NIM improves qoq; Slippages remain elevated During 2QFY2016, the bank witnessed a modest growth of 6.3% yoy in its loan book, while deposits growth was sluggish at 1.5% yoy. CASA deposits grew..

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Result Updates | Nov 20th 2015

Canara Bank

CMP : 270
Target Price :

In its 2QFY2016 results, Canara Bank reported a decline in PAT by 15.6% yoy, mainly due to higher provisions and surge in operating expenses. Loan book grows at a slow pace; NIM rises qoq During 2QFY2016, the bank’s loan book grew by 3.9% yoy with retail loan book growing at a faster pace at 14.3% yoy. The C-D ratio came down to 66.6% fro..

Result Updates | Nov 20th 2015

NTPC Ltd

CMP : 133
Target Price : 157

For 2QFY2016, NTPC’s net sales increased by 6.9% yoy to Rs17,723cr (2.4% below our estimate; and as against Rs16,582cr in the corresponding quarter of last year) led by a 6% yoy increase in coal PLF. Coal PLF improved 407bp to 77.3% as against 73.2% last year. Gas PLF however continued to fall, coming in at 25.7% as against 33.4% last yea..

Result Updates | Nov 19th 2015

GAIL (India) Ltd

CMP : 309
Target Price :

Gail reported a weak set of numbers for 2QFY2016 with the EBITDA coming in 18% below our estimate. While overall volumes were in line with our expectations, petchem volumes surprised positively, increasing by 68% qoq. The revenue for the quarter, at Rs14,165cr, is in line with our estimate of Rs14,271cr. Gas trading realisations declined ..

Initiating Coverage | Nov 18th 2015

Navneet Education Ltd

CMP : 88
Target Price : 97

Navneet Education’s is primarily engaged in the business of publishing educational material, in both print and digital formats. The company also manufactures paper and non-paper stationary products. Investment Arguments Business expansion to mitigate cyclical risk: NEL’s Publication business is seasonal in nature and any strong growth is ..

Result Updates | Nov 18th 2015

Motherson Sumi Systems Ltd

CMP : 281
Target Price : 313

For 2QFY2016, Motherson Sumi Systems Ltd (MSS)’s results have come in ahead of estimates. The top-line grew strongly by 15% yoy led by robust growth in SMP and pick up in the standalone business. Given the healthy revenue growth and soft commodity prices, the adj net profit grew at a faster pace of 27% yoy. Top-line growth remains strong:..

Result Updates | Nov 18th 2015

Aurobindo Pharma Ltd

CMP : 830
Target Price : 872

For 2QFY2016, Aurobindo Pharma (APL) posted a decent set of results. The company posted a sale of Rs3,280cr (v/s Rs3,320cr expected), a growth of 14.6% yoy. Sales were driven by formulations (which constitute around 79.5% of sales), which grew by 19.9% yoy. The key formulation segments like US, Europe & ROW, and ARV posted a yoy growt..

Result Updates | Nov 18th 2015

Visaka Industries Ltd

CMP : 119
Target 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..

Result Updates | Nov 18th 2015

Steel Authority of India Ltd

CMP : 45
Target 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..

Result Updates | 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..

Result Updates | Nov 17th 2015

MBL Infrastructures Ltd

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..