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Result Updates | Nov 17th 2015

Simplex Infrastructures Ltd

CMP : 319Target 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..

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Result Updates | Nov 17th 2015

Linc Pen & Plastics Ltd

CMP : 165Target 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 ..

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Result Updates | Nov 17th 2015

Kirloskar Oil Engines Ltd

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..

Result Updates | Nov 17th 2015

Competent Automobiles Ltd

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..

Result Updates | Nov 17th 2015

Sun Pharmaceuticals Industries Ltd

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..

Initiating Coverage | Nov 16th 2015

National Buildings Construction Corporation Ltd

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..

Result Updates | 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 ..

Result Updates | 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..

Result Updates | Nov 16th 2015

Power Mech Projects Ltd

CMP : 606
Target Price :

Power Mech Projects (Power Mech) reported flat yoy sales for 2QFY2016. The company reported a top-line of Rs317cr, which is up 0.3% yoy from the year ago levels. The EBITDA, at Rs43cr in 2QFY2016, grew 13.0% yoy. Despite flat sales, the EBITDA margin of the company expanded on a yoy basis to 13.5% for 2QFY2016. In-line with EBITDA growth,..

Result Updates | Nov 16th 2015

Ipca Laboratories Ltd

CMP : 719
Target 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% ..

Result Updates | Nov 16th 2015

Dr Reddys Laboratories Ltd

CMP : 3,384
Target 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..

Result Updates | Nov 16th 2015

IL&FS Transportation Networks Ltd

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. ..