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Initiating Coverage | Dec 30th 2017

Shreyans Industries Ltd

CMP : 205Target Price : 247

Shreyans Industries Ltd (SIL) is engaged in the manufacturing of writing and printing paper. It has two plants i.e. Shreyans Papers and Shree Rishabh Papers, both located in Punjab. The company’s products include high brightness paper, cream wove, coloured paper, duplicating paper, surface sized printing paper, azure laid paper, maplitho ..

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Initiating Coverage | Dec 21st 2017

Prism Cement Ltd

CMP : 118Target Price : 131

Prism Cement Limited (PCL) is an Integrated Building Materials company, and has wide range of products from cement, ready mixed concrete (RMC), tiles, bath products to kitchens (TBK). Its cement plant is located in central India with units in Satna (Madhya Pradesh) with a capacity of 7 MTPA. It currently operates 87 ready mixed concrete p..

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Initiating Coverage | Dec 18th 2017

Menon Bearings Ltd

CMP : 92
Target Price : 114

MBL makes engine bearings, bushes and thrust washers for commercial vehicles (CV). Bearings business represents 55% of its total sales, where it caters only to CVs. On that backdrop, the recovery in the CV sales is going to be positive for MBL. Company claims that the bearings business has certain entry barriers, hence its customer base i..

Initiating Coverage | Dec 15th 2017

Ruchira Papers Ltd

CMP : 188
Target Price : 244

Ruchira Papers Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The companys white writing and printing paper is used in making notebooks and writing material, while the colored paper is used in the fabrication of spiral notebooks, wedding cards, shade cards, childrens coloring books, etc. Its Kraft paper is utili..

Initiating Coverage | Nov 28th 2017

Century Plyboards India Ltd

CMP : 317
Target Price : 400

Century Plyboards India Ltd (CPIL) is a plywood manufacturer dealing in plywood, laminates, MDF (Medium Density Fibreboard) and others with presence across India and overseas. CPIL is also engaged in logistics business through management of a container freight station. We expect CPIL to report net revenue CAGR of ~17% to ~`2,896cr over FY..

Result Updates | Nov 28th 2017

Ipca Laboratories Ltd

CMP : 533
Target Price : 570

IPCA Labs posted results lower than expected for 2QFY2018 mainly on the OPM and net profit front. In sales, the company posted sales of `864cr, a yoy de-growth of 2.3% v/s. `884cr for 2QFY2017, but mostly in line with the expected sales of `870cr. On OPM front, the company posted EBITDA of 17.2% (v/s. 20.5% expected) v/s. 15.3% in 2QFY201..

Result Updates | Nov 24th 2017

Sun Pharmaceuticals Industries Ltd

CMP : 535
Target Price : 615

For 2QFY2018, sales came in at `6,590cr (`7,118cr expected) v/s. `7,764cr in 2QFY2017, a yoy de-growth of 15.1%, following a decline in US sales (which was impacted on the back of pricing pressures and base effect). On operating front, the EBITDA margins came in at 20.0% as expected v/s. 34.3% in 2QFY2017, mainly on the back of lower sale..

Result Updates | Nov 24th 2017

Dr Reddys Laboratories Ltd

CMP : 2,361
Target Price : 2,040

Dr Reddy’s Labs (DRL) posted poor results for 2QFY2018, which were much lower than expectations. The sales came in at `3,546cr (`3,700cr expected) v/s. `3,586cr, a yoy de-growth of 1.1%. Global Generics at `2,862cr, posted a yoy de-growth of 1.0%, while PSAI at `119cr, registering a yoy de-growth of 2.0%. On operating front, the EBDITA ca..

Result Updates | Nov 24th 2017

Indoco Remedies Ltd

CMP : 280
Target Price : 136

For 2QFY2018 Indoco Remedies sales came in at `280cr, in line with expectations, posting a yoy growth of 1.3%. The growth was impacted by lower exports, mainly on the back of US (` post a 69.5% yoy dip in sales). Indian Formulation sales posted 11.5% yoy growth. On operating front, the EBITDA margins came in at 12.9% (11.8% expected) v/s...

Result Updates | Nov 24th 2017

Cadila Healthcare Ltd

CMP : 443
Target Price : 411

Cadila Healthcare posted good set of numbers for 2QFY2018. Sales came in at `3,155cr (`2,800cr expected) v/s. `2,336cr in 2QFY2017, a yoy growth of 35.0%, mainly driven by 66.2% growth in sales of US formulations. On operating front, the EBITDA margins came in at 24.7% (21.3% expected) v/s. 21.4% in 2QFY2017, on the back of higher than ex..

Result Updates | Nov 22nd 2017

UPL Ltd

CMP : 754
Target Price : 805

UPL posted robust numbers for 2QFY2018. In sales, the company posted gross revenues of `3,770cr v/s `3,541cr in 2QFY2017, growth of 6.5% yoy. The sales growth was driven by volume (11% yoy), while price dip was 2% and exchange losses deducted 3% from the top-line rise. On EBITDA front, the company posted an EBITDA of 18.0% v/s 15.5% in 2Q..

Result Updates | Nov 22nd 2017

Rallis India Ltd

CMP : 230
Target Price : 189

For 2QFY2018 Rallis India (Rallis) reported a yoy growth of 9.1% in sales to `588cr (v/s. `539cr in 2QFY2017). The performance of Rallis was impacted during the quarter on the back of transition to GST and high channel inventory. On the operating front, the OPM came in at 20.8% (v/s. 17.8% in 2QFY2017). Owing to lower sales growth the Adj..