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Company Research Reports

Company Reports

Result Updates | May 23rd 2016

Siyaram Silk Mills Ltd

CMP : 1,058Target Price : 1,354

Siyaram Silk Mills (SSML)’ results for 4QFY2016 have come in below our estimates. The company has reported a lower top-line growth and a flattish bottom-line. During the quarter, the company acquired Balkrishna Synthetics Ltd, which is involved in the business of processing synthetic fabrics, for a consideration of ~Rs45cr. This acquisiti..

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Result Updates | May 23rd 2016

Lupin

CMP : 1,505Target Price : 1,809

For 4QFY2016, Lupin posted results above our expectations. Sales came in at Rs4,091cr (V/s Rs3,665cr expected), up 34.0% yoy. Sales growth was driven by Formulations (Rs3,807.5cr) which rose by 38.6% yoy, while API (Rs283.8cr) witnessed a dip of 7.7% yoy. On the operating front, the EBDITA margin came in at 31.2% V/s 25.1% in 4QFY2015 and..

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Result Updates | May 21st 2016

Cadila Healthcare Ltd

CMP : 325
Target Price : 400

For 4QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,376cr (V/s Rs2,400cr expected), growing by 5.7% yoy. On the operating front, the OPM came in at 21.4% V/s 21.1% expected and V/s 20.2% in 4QFY2015. The expansion in the OPM was driven b..

Result Updates | May 21st 2016

Visaka Industries Ltd

CMP : 135
Target Price : 162

Visaka Industries posted a good set of numbers for 4QFY2016. Although the top-line declined, the performance on the operating and bottom-line fronts was favorable. The top-line declined by 3.3% yoy to Rs276cr. On the operating front the EBITDA grew by 6.6% yoy to Rs29cr and the EBITDA margin improved by 96bp yoy to 10.4%. There was an exc..

Result Updates | May 19th 2016

Dr Reddys Laboratories Ltd

CMP : 3,015
Target Price : 3,476

For 4QFY2016, Dr Reddy’s Laboratories (DRL) posted results much lower than our estimates. The company posted a 3.0% yoy de-growth in sales to Rs3,756cr V/s Rs4,500cr expected and V/s Rs3,870cr in 4QFY2015. The sales dip mainly happened on account of flat global generics and a 22% dip in the PSAI segment. On the operating front, the EBIT m..

CMP : 984
Target Price : 1,098

National Building Construction Corporation (NBCC) reported a strong 38.8% yoy increase in revenue for 4QFY2016 to Rs2,251cr, which is above our estimate of Rs2,130cr. Revenue growth during the quarter was on account of 45.6% yoy increase in the PMC segment revenue to Rs2,068cr. The segment accounted for 92% of the company’s 4QFY2016 reven..

Result Updates | May 18th 2016

TVS Srichakra Ltd

CMP : 2,419
Target Price : 2,932

TVS Srichakra (TVSSL) reported a good set of numbers for 4QFY2016. Its top-line grew by 13.0% yoy to Rs525cr. On the operating front, the raw material cost came down significantly, ie by 805bp yoy to 48.1% of sales. Still, the EBITDA margin expanded by a marginal 68bp yoy to 14.5% as raw material cost savings were offset by higher employe..

Result Updates | May 17th 2016

Nilkamal Ltd

CMP : 1,312
Target Price :

Nilkamal (NILK) reported an excellent set of numbers for 4QFY2016. The standalone top-line grew by 2.6% yoy to Rs503cr. On the operating front, the raw material cost declined by 582bp yoy to 56.4% of sales while employee and other expenses increased by 104bp yoy and 146bp yoy to 6.8% and 23.6% of sales, respectively. Aided by lower materi..

Result Updates | May 17th 2016

HCL Technologies Ltd

CMP : 722
Target Price : 1,000

After this quarter (3QFY2016), the company has migrated to March year-ending. For 3QFY2016, HCL Technologies (HCL Tech) posted lower than expected numbers on the top-line as well as the bottom-line front. It reported a top-line growth of 1.3% QoQ to US$1,587mn V/s US$1,607mn expected. In constant currency (CC) terms, the growth was of 1.7..

Result Updates | May 13th 2016

M M Forgings Ltd

CMP : 460
Target Price : 536

MM Forgings (MMFL)’ numbers for 4QFY2016 have come in marginally below our estimates. Its top-line for the quarter de-grew by 1.7% yoy to Rs124cr, which is below our estimate of Rs129cr. The EBITDA declined by 4.5% yoy to Rs26cr while the EBITDA margin declined marginally by 60bp yoy to 20.5% (against our estimate of 21.0%). Further, the ..

Result Updates | May 12th 2016

Radico Khaitan Ltd

CMP : 92
Target Price : 125

For 4QFY2016, Radico Khaitan (RKL) outperformed our estimates on the top-line front although the bottom-line came in flat yoy. The company’s top-line grew by ~10% to Rs378cr on back of higher sales of premium products while the bottomline came in flat on a yoy basis at Rs15cr due to higher interest costs and taxes. During the quarter the ..

Result Updates | May 12th 2016

Asian Paints Ltd

CMP : 927
Target Price :

Asian Paints posted a healthy performance for 4QFY2016, both on the top-line as well as the bottom-line front. For the quarter, the company’s top-line grew by 12.3% yoy to Rs3,971cr while the reported PAT grew 19.3% yoy to Rs409cr. Key highlights: For 4QFY2016, Asian Paints’ consolidated top-line posted a growth of 12.3% yoy to Rs3,971cr ..