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Result Updates | Feb 13th 2017

Radico Khaitan Ltd

CMP : 128Target Price : 147

Radico Khaitan’s (RKL) results for 3QFY2017 were below our estimates both on top-line as well as bottom-line fronts. The company’s top-line grew by ~4% yoy to `415cr owing to the impact of demonetization, which led to a decline in consumer spending. Moreover, lower sales volume and subdued operating performance led to the de-growth in bot..

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Result Updates | Feb 13th 2017

Navkar Corporation Ltd

CMP : 170Target Price : 265

Navkar Corporation (NCL) reported subdued set of numbers for 3QFY2017. The consolidated top-line grew by ~4% yoy on the back of lower exports, which was impacted on account of demonetization. Moreover, on the operating front, the company reported a margin contraction on account of higher operational costs. The net profit de-grew by ~27% y..

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Result Updates | Feb 13th 2017

ICICI Bank Ltd

CMP : 282
Target Price : 315

ICICI Bank’s 3QFY17 results were in line with expectations. Though slippages remained high, on an absolute basis it was lower sequentially and large part of that came from the watch list. While overall loan book growth remained moderate, domestic business remained decent and fee income gained traction. While the near term outlook for ICIC..

Result Updates | Feb 13th 2017

ICICI Bank Ltd

CMP : 282
Target Price : 315

ICICI Bank’s 3QFY17 results were in line with expectations. Though slippages remained high, on an absolute basis it was lower sequentially and large part of that came from the watch list. While overall loan book growth remained moderate, domestic business remained decent and fee income gained traction. While the near term outlook for ICIC..

Result Updates | Feb 13th 2017

Ashok Leyland Ltd

CMP : 93
Target Price : 111

While demonetisation has negatively impacted the automobile industry, however we are expecting faster recovery in the volumes. While we expect this, the quantum of recovery cannot be assessed at this time. We forecast volume growth of 8% and 9% in FY18E and FY19E. Company has taken a 4% price hike in January hence we believe that margins ..

Result Updates | Feb 10th 2017

T.V. Today Network Ltd

CMP : 270
Target Price : 344

TV Today Network (TTNL) reported subdued set of numbers for 3QFY2017 with its top-line plunging by ~6% yoy. On the operating front, the company reported margin contraction on account of an increase in overall operating expenses, owing to which the Net Profit witnessed a de-growth ~29% yoy. We expect TTNL to report a net revenue CAGR of ~8..

Result Updates | Feb 07th 2017

KEI Industries Ltd

CMP : 167
Target Price : 207

For 3QFY2017, KEI Industries (KEI) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~28% yoy (above our estimate), however, the company reported flat operating margins. On the bottom-line front, KEI reported growth of ~83% yoy to Rs27cr on the back of strong top-line ..

Result Updates | Feb 01st 2017

Tech Mahindra Ltd

CMP : 452
Target Price : 600

For 3QFY2017, Tech Mahindra posted results much better than expected on all fronts. The company posted sales of US$1,116mn (US$1,091mn expected) v/s US$1,072mn, a qoq growth of 4.1%. In Constant Currency (CC) terms, company posted a 5.4% qoq growth. On EBIT front, the company posted EBIT of 12.4% (12.1% expected) v/s 11.5% in 2QFY2016. Th..

Result Updates | Feb 01st 2017

Wipro Ltd

CMP : 457
Target Price : 590

Wipro posted below expectations results for 3QFY2017. The Company’s IT services recorded revenues of US$1,903mn (US$1,919mn expected) v/s US$1,916mn in 2QFY2017, a qoq de-growth of 0.7%. Revenue in Constant Currency (CC) came at 0.6% qoq. In Rupee terms, revenues came in at Rs13,688cr (Rs14,096cr expected) v/s Rs13,766cr in 2QFY2017, dip ..

Result Updates | Feb 01st 2017

Mirza International Ltd

CMP : 91
Target Price : 107

For 3QFY2017, Mirza International (MIL) posted results which were below our estimates on both, the top-line and the bottom-line fronts. Revenues de-grew by ~6% yoy, lower than our estimate. However, on the operating front, the company reported margin improvement on the back of lower raw material cost, which therefore, lead to double digit..

Result Updates | Jan 31st 2017

Indoco Remedies Ltd

CMP : 275
Target Price : 240

Indoco Remedies posted lower than expected numbers for 3QFY2017. In sales, the company posted revenues of Rs272cr (Rs276cr expected) v/s Rs256cr in 3QFY2016, growth of 6.2% yoy. The lower growth was on the back of the formulation business at Rs252.2cr, up 4.5% yoy, API at Rs18.2cr up 32.8% yoy. The domestic formulation at Rs144.2cr record..

Result Updates | Jan 31st 2017

Alembic Pharmaceuticals Ltd

CMP : 575
Target Price :

Alembic Pharma posted lower than expected numbers for 3QFY2017. In sales, the company posted revenues of Rs770cr (Rs872cr expected) v/s Rs921cr in 3QFY2016, dip of 16.4% yoy. The dip in sales was mainly on the back of the International sales, which came in at Rs303cr v/s Rs521cr in 3QFY2016, a dip of 41.8%. The Indian branded sales came i..