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CMP : 719Target Price : 900

For 2QFY2016, IPCA Laboratories (IPCA) posted in line sales while the net profit came in lower than our estimates. The company posted a 4.7% yoy decline in sales to Rs739cr V/s Rs750cr expected, on back of domestic and exports posting a dip of 2.3% yoy and 6.9% yoy, respectively. On the operating front, the EBITDA margin came in at 10.6% ..

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CMP : 3,384Target Price : 3,933

For 2QFY2016, Dr Reddys Laboratories (DRL) posted in line sales while the net profit growth exceeded our estimates. The company posted an 11.2% yoy growth in sales to Rs3,989cr V/s Rs4,000cr expected and V/s Rs3,588cr in 2QFY2015, mainly driven by global generics. On the operating front, the EBIT margin came in at 22.4% V/s 18.7% expected..

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CMP : 89
Target Price :

IL&FS Transportation Networks (ITNL) consolidated revenues for 2QFY2016 were up 24.7% yoy to Rs1,872cr, reflecting a 38.7% increase in Construction business income to Rs1,223cr. During the quarter, ITNL’s revenues benefitted from Rs135.6cr of compensation claim. On adjusting for the same, adj. revenues were up 15.6% yoy to Rs1,736cr. ..

CMP : 580
Target Price : 673

KNR Constructions (KNR) reported strong set of 2QFY2016 numbers. On the top-line (standalone) front, it reported 24.9% yoy increase to Rs213cr (ahead of our estimate of Rs189cr). EBITDA and PAT numbers were ahead of our estimate at Rs35cr and Rs22cr, respectively (v/s our estimate of Rs27cr and Rs11cr, respectively). PAT numbers during th..

Nov 13th 2015

NCC Ltd

CMP : 77
Target Price :

For 2QFY2016, NCC reported a favorable standalone earnings performance, reflecting better than expected execution, and lower yoy interest expenses owing to decline in debt. On the top-line front, NCC (standalone) reported a 6.6% yoy decline to Rs2,096cr. On a sequential basis, the top-line grew 21.7%. Stronger execution seen across Water,..

Nov 13th 2015

Eicher Motors Ltd

CMP : 1,587
Target Price : 1,903

Results in line with estimates: Eicher Motors Ltd (EML)s 3QFY2016 results (company has changed accounting year from December to March) have come in line with our estimates. EML’s consolidated revenues grew 37% yoy to Rs3,123cr (in line with our estimate of Rs3,105cr). The growth was led by Royal Enfield (robust growth of 59% yoy to Rs1,30..

Nov 13th 2015

BEML Ltd

CMP : 1,093
Target Price :

BEML reported standalone sales of Rs621cr for 2QFY2016, up 37.7% yoy (ahead of our expectation of Rs599cr). At the EBITDA level, the company reported losses of Rs13cr, in-line with our expectation. The impact of losses at EBITDA level was seen at the PAT level too, as the company reported a net loss of Rs30cr, against our loss expectation..

CMP : 134
Target Price :

Punjab National Bank (PNB) reported a mixed set of numbers for 2QFY2016 with subdued operating performance, while its asset quality improved marginally. Loan growth remains modest; NIM improves qoq During 2QFY2016, advances and deposits grew by 6.7% and 14.0% yoy, respectively, with the CD ratio at 70.6%. Domestic advances growth was slug..

Nov 10th 2015

Lupin Ltd

CMP : 1,838
Target Price :

For 2QFY2016, Lupin posted a poor set of numbers, with the OPM coming in lower than expected, and consequently the net profit as well. The company posted a 2.0% growth in sales to Rs3,178cr V/s Rs3,272cr estimated, mainly driven by the European markets. On the operating front, the Gross margin came in at 64.5% V/s 65.7% expected. Further,..

CMP : 675
Target Price :

For 2QFY2016, Alembic Pharmaceuticals (Alembic Pharma) posted numbers well ahead of our expectations. It posted an 84.5% yoy growth in sales to end the period at Rs1,008cr V/s Rs750cr expected. On the operating front, the OPM came in at 37.2% V/s 27.8% expected and V/s 19.5% in 2QFY2015. R&D expenditure during the quarter was 9.4% of ..

Nov 10th 2015

Bank of Baroda

CMP : 171
Target Price :

For 2QFY2016, Bank of Baroda reported a PAT decline of 88.7% yoy to Rs124cr, largely due to higher-than-expected provisions. Slippages spike, NIM dips qoq During the quarter, the loan book and deposits grew by 7.6% and 8.0% yoy, respectively. Advances growth was slower than the last 4 years’ average growth. Total CASA deposits growth was ..

Nov 10th 2015

Radico Khaitan Ltd

CMP : 109
Target Price : 128

For 2QFY2016, Radico Khaitan (RKL)s results have come in above our estimates. The company’s top-line grew by 2% yoy, mainly due to growth in Prestige and above products segment. On the operating front, the company reported margin expansion, primarily on account of lower selling & distribution and other expenses. Further, on the bottom..