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Company Research Reports

Initiating Coverage | Mar 27th 2017

Navin Fluorine International Limited

CMP : 2,957Target Price : 3,650

Navin Fluorine (NFIL), part of the Arvind Mafatlal group, is a leader in fluorine based chemicals in India. It operates mainly in four segments i.e. Refrigerant, Organic Fluoride, Specialty Chemicals and CRAMs. While Refrigerant segment will continue to generate strong cash flows, the incremental focus of the company is the high margin an..

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Result Updates | Mar 10th 2017

Sanofi India Ltd

CMP : 4,301Target Price :

For 4QCY2016, Sanofi India posted results which were below expectations on the sales front. The sales came in at Rs552cr v/s. Rs570cr expected, posting a yoy growth of 5.6%. On the operating front, the EBITDA margin came in at 12.2% (12.3% expected) v/s. 12.7% in 4QCY2015. This came in-spite of GPM (Gross Profit Margin), which came in at ..

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Initiating Coverage | Mar 09th 2017

Natco Pharma Ltd

CMP : 786
Target Price : 926

Natco Pharma is a Hyderabad based pharma company with focus on limited competition and high margin products. It has presence in domestic and global markets and has two main business segments i.e. API and Formulations. Natco’s topline and bottomline is set to grow at 36% and 61% CAGR over FY16-FY19E due to 1) strong performance of domestic..

Result Updates | Mar 06th 2017

Dishman Pharmaceuticals and Chemicals Ltd

CMP : 222
Target Price : 143

Dishman Pharmaceuticals posted results lower than expected for 3QFY2017, with sales at Rs356cr v/s. Rs386cr in 3QFY2016, down by 7.6% yoy, mainly on the back of CRAMS. CRAMS sales (Rs246.7cr) de-grew by 16.5% yoy, constituting 69.2% of sales in 3QFY2017; while others (Rs110cr) posted a growth of 21.2% yoy. On the operating front, the gros..

Initiating Coverage | Mar 03rd 2017

Repco Home Finance Ltd

CMP : 642
Target Price : 825

REPCO Home Finance is a midsized Housing Finance Company (HFC), with focus on the underserved self-employed segment. While the current operations of the company are predominately concentrated in Southern market (90%), the management intends to gradually venture into other geographies over the next 5 years. The target segment of REPCO is h..

Initiating Coverage | Feb 28th 2017

Akzo Nobel India Ltd

CMP : 1,496
Target Price : 1,720

Akzo Nobel India Ltd (Akzo) is one of the leading paint manufacturers in India under the brand name ‘Dulux’. Akzo has ~11% share by revenue among the top 5 players. It manufactures and markets a wide range of coatings (contributes ~90%) and specialty chemicals & others (~10%). Akzo has six manufacturing facilities in Hyderabad, Bengal..

Result Updates | Feb 23rd 2017

Aurobindo Pharma Ltd

CMP : 686
Target Price : 877

For 3QFY2017, Aurobindo Pharma (APL) posted numbers which were almost inline with expectations on sales and net profit front, with sales marginally higher than expected and net profit marginally lower than expected. On sales front, the company posted sales of Rs3844cr (v/s. Rs3,715cr expected) v/s. Rs3,432cr in 3QFY2016, posting a yoy gro..

Result Updates | Feb 22nd 2017

Ipca Laboratories Ltd

CMP : 544
Target Price : 613

IPCA Labs posted results lower than expected for 3QFY2017 on both sales and net profit fronts, however OPM’s were in-line with expectations. In sales, the company posted sales of Rs731cr, a yoy growth of 8.3% v/s Rs815cr expected. On EBITDA front, the company posted EBITDA of 13.9% (v/s 13.5% expected) v/s 11.6% in 3QFY2016. Consequently,..

Result Updates | Feb 22nd 2017

Dr Reddys Laboratories Ltd

CMP : 2,899
Target Price :

Dr. Reddy’s Laboratories (DRL) posted lower than expected results for 3QFY2017. In INR terms, the consolidated revenues came in at Rs3,707cr (v/s. Rs4,000cr expected) v/s. Rs3,989cr in 3QFY2016, down 6.6% yoy, mainly driven by pressure on the generic market. The global generic market with sales at Rs3,064cr (down 9.0% yoy), was mainly lea..

Result Updates | Feb 22nd 2017

Cadila Healthcare Ltd

CMP : 440
Target Price :

For 3QFY2017, Cadila Healthcare posted lower than expected results with sales at Rs2,250cr (v/s. Rs2,800cr expected) v/s. Rs2,268cr in 3QFY2016, a yoy degrowth of 0.8%. The dip in sales was on the back of the US (Rs886.9cr, a yoy dip of 17.2%). On the operating front, the EBITDA margin came in at 15.2% (v/s. 22.1% expected) v/s. 22.0% in ..

Result Updates | Feb 16th 2017

Garware-Wall Ropes Ltd

CMP : 614
Target Price : 710

For 3QFY2017 Garware Wall Ropes (GWRL) posted results which outperformed our estimates on the bottom-line front, while the top-line was in-line with our estimates. On the operating front, the company reported margin improvement, primarily on account of lower other expenditures. Further, on the bottom-line front, the company reported stron..

Result Updates | Feb 15th 2017

Glaxosmithkline Pharma Ltd

CMP : 2,683
Target Price :

For 3QFY2017 Glaxo Pharmaceuticals (GSK) posted results lower than expectations on all fronts. In sales, the company posted sales of Rs689cr v/s Rs700cr expected, a yoy de-growth of 5.6%. On EBITDA front, the company posted EBITDA of 5.1% (v/s 9.1% expected) v/s 11.6% in 3QFY2016. Consequently, Adj. PAT came in at Rs40.8cr (v/s Rs78.4cr e..