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Company Research Reports

Company Reports

Result Updates | May 13th 2016

M M Forgings Ltd

CMP : 460Target 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 ..

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Result Updates | May 12th 2016

Radico Khaitan Ltd

CMP : 92Target 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 ..

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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 ..

Result Updates | May 11th 2016

ICICI Bank Ltd

CMP : 225
Target Price : 254

For 4QFY2016, ICICI Bank’s reported PAT came in sharply lower at Rs702cr. However, on adjusting for the exceptional contingency provision of Rs3,600cr that the bank made during the quarter, the PAT is in-line with our estimate. Domestic advances grew strong, backed by retail loans: During the quarter, the bank’s advances grew by 12.3% yoy..

Result Updates | May 11th 2016

Wipro Ltd

CMP : 539
Target Price : 680

Wipro’s 4QFY2016 results have come in below our expectations. The company’s IT services posted a revenue of US$1,882mn (V/s US$1,902mn expected) up 2.4% qoq. This is against a revenue guidance of US$1,875mn to US$1,912mn for the quarter. In constant currency (CC) terms, the company posted a qoq revenue growth of 2.7%. On the operating fro..

Result Updates | May 11th 2016

Inox Wind Ltd

CMP : 242
Target Price : 286

Inox Wind Ltd. (IWL) reported below than expected set of revenue and bottom-line numbers. IWL reported top-line of `1,828cr, below our expectations. Inox reported 96.9% yoy top-line increase, reflecting 328MW of Turnkey sale volume. On the back of strong execution IWL reported 83.3% yoy increase in EBITDA to Rs312cr. Reported EBITDA is be..

Result Updates | May 11th 2016

Hindustan Unilever Ltd

CMP : 862
Target Price :

Hindustan Unilever (HUL)’s performance for 4QFY2016 was slightly below consensus expectations. For the quarter, the company’s top-line grew by 3.5% yoy to Rs7,946cr while the reported PAT grew ~7% yoy to Rs1,090cr. Key highlights: For 4QFY2016, HUL’s top-line rose by 3.5% yoy to Rs7,946cr on the back of 4% volume growth. The soaps and det..

Result Updates | May 09th 2016

Alembic Pharmaceuticals Ltd

CMP : 600
Target Price :

Alembic Pharmaceuticals’ 4QFY2016 results have come in below our expectations, on the sales front. The company posted sales of Rs626cr (V/s Rs763cr expected) for the quarter, registering a yoy growth of 24.7%. The growth in sales was driven by international formulations (Rs190.2cr) which grew 20% yoy, while Indian formulations (Rs259.6cr)..

Result Updates | May 06th 2016

Sanofi India Ltd

CMP : 4,410
Target Price : 4,738

Sanofi India (Sanofi)’s 1QCY2016 results have come in lower than our expectation; the company posted a 10.1% yoy growth in revenue to Rs506cr V/s an expected Rs593cr. On the operating front, the gross margin came in at 52.1%, almost in line with our expectation, and V/s 47.8% in the corresponding period of last year. The OPM came in at 18..

Result Updates | May 06th 2016

Procter & Gamble Hygiene and Health Care Ltd

CMP : 6,404
Target Price : 7,369

Procter & Gamble Hygiene and Health Care (P&G)’s 3QFY2016 results are broadly in-line with our estimates. For the quarter, the company’s top-line grew by ~11% yoy to Rs614cr while the reported PAT grew ~12% yoy to Rs97cr. Key highlights: For 3QFY2016, the company’s top-line grew by ~11% yoy to ~Rs614cr (against our estimate of ~Rs..

Result Updates | May 06th 2016

Sadbhav Engineering Ltd

CMP : 252
Target Price : 298

Sadbhav Engineering (SEL) reported an impressive Adj. PAT for 4QFY2016. On the top-line front, it reported an 11.3% yoy decline to Rs858cr, which is lower than our estimates. Lower contribution from the in-house BOT portfolio led to such revenue decline. Further, higher employee expenses in addition to low contribution from in-house BOT p..

Result Updates | May 06th 2016

Dewan Housing Finance Corporation Ltd

CMP : 197
Target Price : 270

For 4QFY2016, Dewan Housing Finance Ltd (DHFL) reported a 17% growth in PAT to Rs190cr, which is lower than our expectation. The miss was on account of lower-thanexpected loan growth; however, on other operating parameters the company’s performance remained satisfactory. Loan growth remained decent: DHFL reported a 17.3% growth in loans d..