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Nov 07th 2015

Surya Roshni Ltd

CMP : 127Target 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..

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Nov 07th 2015

State Bank of India

CMP : 243Target Price : 283

State Bank of India (SBI)s 2QFY2016 results have outperformed our as well as street expectations. The PAT for the bank grew 25.1% yoy to Rs3,879cr, led by healthy performance on all fronts. Slippages dip, NIM improves, qoq During 2QFY2016, the bank’s advances grew by 10.5% yoy, which is the highest growth rate amongst the previous 5 quart..

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Nov 06th 2015

Tata Steel Ltd

CMP : 226
Target Price :

Raw Material purchases impact EBITDA: Tata Steels standalone revenues for 2QFY2016 declined 12% yoy to Rs9,531cr (7% ahead of our estimate of Rs8,879cr), led by better than expected volumes and pricing. However, increased raw material expenses on account of external purchases of iron ore resulted in the EBITDA declining sharply by 40% yoy..

CMP : 934
Target Price : 1,145

For 2QFY2016, Siyaram Silk Mills (SSML) results have come in slightly below our estimates. The company has reported a flattish top-line and bottom-line growth. Flattish top-line growth: The top-line for the quarter came in flat; ie it declined marginally by 0.02% yoy to Rs398cr. Underperformance at the EBITDA level: The EBITDA for the qua..

Nov 06th 2015

Goodyear India Ltd

CMP : 573
Target Price : 622

GIL reported a disappointing set of numbers for 3QFY2016. Its top-line witnessed a 5.0% yoy decline to Rs382cr. The raw material cost declined by 495bp yoy to 63.4% of sales, while employee and other expense increased by 193bp yoy and 100bp yoy to 7.7% and 16.9% of sales respectively. The EBITDA margin expanded by 202bp yoy to 11.9%. On t..

CMP : 410
Target Price : 455

Indian Oil Corporation (IOCL)s 2QFY2016 revenue came in 2.4% ahead of our estimate at Rs85,385cr, led by a 5.8% yoy increase in product sales volumes to 19.07MMT as against 18.03MMT in 2QFY2015. Refining throughput increased 2.1% to 13.68MMT as against 13.41MMT in 2QFY2015, while total throughput increased 5% yoy to 19.98MMT as against 19..

CMP : 881
Target Price : 1,039

Amara Raja Batteries (ARBL)s 2QFY2016 results have come in line with estimates. The top-line continued to grow in double digits, but the growth was slightly moderated given the decrease in realization. Realization declined on account of passing of lower lead prices to consumers and due to slowdown in the UPS segment. Still, ARBL managed t..

CMP : 345
Target Price : 423

Garware Wall Ropes (GWRL)s 2QFY2016 results outperformed our estimates on the bottom-line front. The companys top-line for the quarter grew by a subdued 6% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported strong g..

CMP : 132
Target Price : 165

For 2QFY2016, Power Grid Corporation of India (PWGR) reported a 16.8% yoy increase in transmission revenues to Rs4,708cr, which is 3.5% below our estimate of Rs4,878cr, on account of lower than expected capitalisation. For the quarter, capitalisation stood at Rs5,053cr, well below our estimate of Rs6,246cr. Capitalisation was expected to ..

CMP : 456
Target Price :

LG Balakrishnan & Bros (LGBBL) reported a slightly better-than-expected standalone topline and bottom-line growth for 2QFY2016. The Transmission segment, which contributed ~79% to the company’s total standalone revenue, reported a growth of 11% yoy, while the Others segment reported a decline on the sales front. On the bottom-line (st..

CMP : 79
Target Price : 85

For 2QFY2016, Elecon Engineering Company (Elecon) reported standalone numbers broadly below our estimates, except at the operating level. The top-line for the quarter declined by 5.5% yoy to `111cr. However, the operating performance improved significantly, led by a 1,516bp yoy decline in raw material cost to 43.9% of sales. Although, thi..

Nov 05th 2015

J K Cements Ltd

CMP : 647
Target Price : 744

JK Cement (JKCem)’s 2QFY2016 reported numbers have come in better than our estimates. The company’s net sales grew by 4.8% yoy to Rs867.9cr (above our estimate of Rs832.2cr). The company’s blended sales volume increased by 2.8% yoy, led by 4.3% yoy growth in the white cement (including putty) business. Blended realization/tonne, at Rs4,74..