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Result Updates | Feb 02nd 2016

Alembic Pharmaceuticals Ltd

CMP : 618Target Price :

Alembic Pharmaceuticals (Alembic Pharma) posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs921cr V/s Rs507cr in 3QFY2015 (and V/s an expected Rs700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulati..

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Result Updates | Feb 02nd 2016

Yes Bank Ltd

CMP : 772Target Price :

Yes Bank reported a healthy performance during 3QFY2016 with PAT growth of 25.1% yoy to Rs675.7cr, which is above our expectation. The NII for the bank grew strong by 27.3% yoy on account of strong growth in advances and Retail & CASA deposits. Advances and deposits growth remains strong: During the quarter, advances grew at a healthy..

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Result Updates | Feb 02nd 2016

Kirloskar Oil Engines Ltd

CMP : 235
Target Price :

Kirloskar Oil Engines (KOEL) reported a disappointing set of numbers for 3QFY2016. Its top-line for the quarter declined by 1.8% yoy to Rs601cr. Employee expense as a percentage of sales increased by 34bp yoy to 8.5%, and other expenses as a percentage of sales increased by 181bp yoy to 19.6% of sales. This resulted in the EBITDA margin c..

Result Updates | Feb 01st 2016

Nilkamal Ltd

CMP : 1,346
Target Price :

Nilkamal (NILK) reported an in-line set of numbers for 3QFY2016. The top-line reported a modest growth of 1.8% yoy to `428cr. The raw material cost as a percentage of sales declined by 738bp yoy to 54.8% owing to declining in polymer prices. However, the employee cost and other expenses increased by 176bp yoy and 217bp yoy to 8.6% of sale..

Result Updates | Feb 01st 2016

TVS Motor Company Ltd

CMP : 295
Target Price : 322

In line numbers adjusted for one offs: TVS Motor Company (TVSM)’s 3QFY2016 results adjusted for one-off items have come in in line with our estimates. Revenues grew 11% yoy to Rs2,940cr, driven majorly by an 8% yoy growth in volumes. Market share gains on back of success of new launches enabled TVSM to post healthy volume growth during th..

Result Updates | Feb 01st 2016

Jagran Prakashan Ltd

CMP : 160
Target Price : 189

For 3QFY2016, Jagran Prakashan (JPL)’s consolidated top-line grew by 22.5% yoy, mainly due to strong growth in the advertisement segment. The Radio City business’ revenue has also been added to the overall advertising revenue. However, circulation revenue showed lower growth during the quarter. The company reported strong profitability on..

Result Updates | Jan 30th 2016

Bharat Electronics Ltd

CMP : 1,254
Target Price : 1,414

Bharat Electronics Ltd. (BEL) reported mixed set of numbers. BEL reported 5.1% yoy decline in its top-line to Rs1,500cr, which is below our estimate of Rs1,713cr. Surprise from results has been on EBITDA margin front. Against our expectation of 16.3%, BEL reported impressive 18.4% margins, mainly led by inventory gains. In-line with EBITD..

Result Updates | Jan 30th 2016

Maruti Suzuki India Ltd

CMP : 4,097
Target Price :

Operating results meet estimates, lower other income drags profitability: Maruti Suzuki India Ltd (MSIL) 3QFY2016 operating results adjusted for one off items were in line with our estimates. MSIL revenues, expectedly grew 20% yoy to Rs15,082 cr driven majorly by a robust 16% volume growth. New product launches coupled with robust festive..

Result Updates | Jan 29th 2016

Housing Development Finance Corporation Ltd

CMP : 1,148
Target Price :

HDFC posted a modest 6.7% yoy increase in PAT for 3QFY2016, which is marginally lower than our expectation. The NII for the quarter grew 9.0% yoy, which again is slightly lower than our expectation, due to moderate growth in advances. The company witnessed a pick-up in non-individual loans and hence had to take extra provisions during the..

Result Updates | Jan 29th 2016

ICICI Bank Ltd

CMP : 230
Target Price : 254

ICICI Bank reported a disappointing set of results for 3QFY2016. Though operating numbers remained decent, a sharp increase in slippages was the key negative during the quarter. The bank booked profit of `1,243cr on sale of 4% stake in its life insurance business during the quarter. Healthy growth in advances, backed by retail loans: Duri..

Result Updates | Jan 29th 2016

Power Grid Corporation of India Ltd

CMP : 148
Target Price : 165

For 3QFY2016, Power Grid Corporation of India (PWGR) reported a strong 23% yoy increase in transmission revenues to `5,143cr (5.5% ahead of our estimate of `4,925cr), on account of higher than expected capitalisation. Capitalisation for the quarter stood at `17,207cr, led by the commissioning of the Biswanath Chariyali – Agra HVDC transmi..

Result Updates | Jan 28th 2016

Siyaram Silk Mills Ltd

CMP : 1,104
Target Price : 1,354

Siyaram Silk Mills (SSML)’ results for 3QFY2016 have come in above our estimates. The company has reported a healthy top-line and bottom-line growth. Healthy top-line growth: The top-line for the quarter grew by 26% yoy to Rs416cr. Underperformance at the EBITDA level: The EBITDA for the quarter grew by ~35% yoy to RS47cr and the EBITDA m..