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Nov 10th 2015

Radico Khaitan Ltd

CMP : 109Target 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..

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CMP : 249Target Price : 314

Tree House Education & Accessories (THEAL)’ 2QFY2016 results underperformed our estimates on all parameters. The top-line growth was decent mainly due to strong addition of 73 new pre-schools. On the operating profit front, the company reported flattish growth yoy which resulted into lower growth in profitability. Top-line grew ~15% y..

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Nov 10th 2015

M M Forgings Ltd

CMP : 516
Target Price : 614

For 2QFY2016, MM Forgings (MMFL) reported disappointing numbers on the topline and bottom-line fronts. The top-line during the quarter grew marginally by 1.8% yoy to Rs128cr. The raw material cost declined by 111bp yoy to 38.2% of sales, but the benefits were offset by an increase in employee and power costs. Employee and power costs rose..

CMP : 1,254
Target Price : 1,410

Results ahead of estimates: Mahindra & Mahindra (M&M)’s 2QFY2016 numbers beat our estimates on account of better-than-anticipated operating performance. For MM+MVML (Mahindra Vehicle Manufacturers Ltd), revenues for the quarter dipped 3% yoy to Rs8,794cr, largely in line with our estimate of Rs8,490cr, owing to a 10% volume declin..

CMP : 312
Target Price :

Sadbhav Engineering (SEL) reported a strong set of numbers for 2QFY2016. On the top-line front, SEL reported a strong 25.4% yoy growth to Rs746cr in 2QFY2016. This was mainly on account of execution of in-house BOT projects (mainly Rohtak-Hissar project, which contributed ~Rs190cr) and lower base of the corresponding period of last year. ..

Nov 09th 2015

Indoco Remedies Ltd

CMP : 305
Target Price :

Indoco Remedies posted lower than expected numbers for 2QFY2016. The company posted a 9.4% yoy growth in sales to Rs248cr V/s Rs272cr expected and V/s Rs226cr in 2QFY2015, on back of domestic and exports posting a growth of 1.2% and 23.6% respectively. On the operating front, the EBITDA margin came in at 15.5% V/s 20.9% expected and V/s 2..

Nov 09th 2015

Cipla Ltd

CMP : 658
Target Price :

For 2QFY2016, Cipla posted numbers more or less in line with our expectations on the sales and net profit front while beating our estimates on the OPM front. The company posted sales of Rs3,362cr V/s Rs3,343cr expected and V/s Rs2,630cr in 2QFY2015, a yoy growth of 27.8%. On the operating front, the OPM came in at 20.8% V/s 16.0% in 2QFY2..

Nov 09th 2015

TVS Srichakra Ltd

CMP : 2,803
Target Price : 3,240

TVS Srichakra (TVSSl) reported a good set of numbers for 2QFY2016. The top-line grew by 6.5% yoy to Rs522cr. The EBITDA margin expanded by 539bp yoy to 15.7%, mainly due to a 997bp yoy decline in raw material cost (owing to rubber prices declining by ~6% qoq). The company has reduced the debt significantly (from Rs176cr to Rs37cr) in 1HFY..

CMP : 100
Target Price :

For 1HFY2016, Sadbhav Infrastructure Project Ltd (SIPL) reported a consol. top-line of Rs274cr (vs Rs500cr in FY2015). The Reported top-line (for 1HFY2016), on a yoy basis benefitted from (1) 16.2% toll income growth across Hyderabad-Yadagiri project, (2) 69.2% gross toll income growth across Maharashtra Border Check Post project (as 4 ne..

Nov 09th 2015

PNC Infratech Ltd

CMP : 522
Target Price : 558

PNC Infratech (PNC) reported a top-line and bottom-line growth of 45.1% and 43.4% yoy, respectively, for 2QFY2016. Top-line growth was driven by strong execution across Agra-Firozabad and other road projects. Higher dependency on sub-contracting led PNC to report 50bp yoy decline in its EBITDA margin to 11.7%, for the quarter. A 38.7% yoy..

Nov 07th 2015

MT Educare Ltd

CMP : 134
Target Price : 169

For 2QFY2016, MT Educare reported results above our estimates. The company’s top-line growth was strong mainly due to firm growth in Robomate product sales as well as Government Projects segment. However, the core coaching business was subdued during the quarter. On the operating front, the company saw pressure due to increase in other co..

Nov 07th 2015

Surya Roshni Ltd

CMP : 127
Target Price : 183

Surya Roshni (SRL) reported a decent set of numbers for 2QFY2016. Its top-line grew by 4.3% yoy to Rs722cr led by a superb performance by the Lighting division. The EBITDA margin witnessed a slight decline of 36bp yoy to 7.8% on account of higher employee and other expenses. However, the same was mostly made up by a 244bp yoy decline in r..