Arq - The Hyper Intelligent Investment Engine By Angel Broking

Company Research Reports

Company Reports

Result Updates | May 27th 2016


CMP : 290Target Price : 310

HSIL’s reported standalone numbers for 4QFY2016 have come in mostly in-line with our estimates. The top-line grew by 6.6% yoy to Rs596cr. The raw material cost declined by 77bp yoy to 39.9% of sales while employee and other expenses increased by 139bp yoy and 168bp yoy to 11.1% and 32.4% of sales, respectively. As a result, the EBITDA mar..

View As PDF

Result Updates | May 27th 2016

Larsen & Toubro Ltd

CMP : 1,475Target Price : 1,700

Standalone numbers impress: For 4QFY2016, Larsen & Toubro (L&T) reported an 11% yoy increase in the top-line to Rs21,061cr, which is slightly lower than our expectation. Revenue growth on a yoy basis reflects an 11.7%/ 33.3% increase in Infrastructure/ Power segment. EBITDA for the quarter came in higher than our expectation at Rs..

View As PDF

Sort By

Result Updates | May 27th 2016

Garware-Wall Ropes Ltd

CMP : 362
Target Price : 460

Garware Wall Ropes (GWRL)’ 4QFY2016 results outperformed our estimates on the bottom-line front. The company’s top-line for the quarter de-grew by ~4% 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 growth..

Result Updates | May 27th 2016

Jyothy Laboratories Ltd

CMP : 290
Target Price :

For 4QY2016, Jyothy Laboratories (JLL) reported a top-line growth of 11.1% yoy to Rs445cr. On account of lower raw material and employee expenses as a percentage of sales, the EBITDA margin expanded by 431bp yoy to 14.1%. Interest expenses declined by 83.7% yoy to Rs1cr while the tax rate was higher at 35% vs 11.4% in 4QFY2015. On account..

Result Updates | May 24th 2016

Voltas Ltd

CMP : 328
Target Price : 407

Voltas reported a strong set of numbers for 4QFY2016. The top-line at Rs1,876cr is up 26.4% yoy and is higher than our expectation, mainly driven by strong execution across the EMP segment. The EMP segment impressed us with a 36.5% yoy increase in revenue to Rs819cr (accounting for 44% of the company’s overall 4QFY2016 revenues), whereas ..

Result Updates | May 23rd 2016


CMP : 330
Target Price : 380

ITC posted a healthy set of numbers for 4QFY2016, both on the top-line and the bottom-line front. The top-line was strong due to higher growth in Cigarettes & Agri businesses; however, higher taxes slightly dragged down the overall profitability of the company. Key highlights: ITC’s net sales for the quarter grew by 9.4% yoy to Rs10,1..

Result Updates | May 23rd 2016

Siyaram Silk Mills Ltd

CMP : 1,058
Target Price : 1,354

Siyaram Silk Mills (SSML)’ results for 4QFY2016 have come in below our estimates. The company has reported a lower top-line growth and a flattish bottom-line. During the quarter, the company acquired Balkrishna Synthetics Ltd, which is involved in the business of processing synthetic fabrics, for a consideration of ~Rs45cr. This acquisiti..

Result Updates | May 23rd 2016


CMP : 1,505
Target Price : 1,809

For 4QFY2016, Lupin posted results above our expectations. Sales came in at Rs4,091cr (V/s Rs3,665cr expected), up 34.0% yoy. Sales growth was driven by Formulations (Rs3,807.5cr) which rose by 38.6% yoy, while API (Rs283.8cr) witnessed a dip of 7.7% yoy. On the operating front, the EBDITA margin came in at 31.2% V/s 25.1% in 4QFY2015 and..

Result Updates | May 21st 2016

Cadila Healthcare Ltd

CMP : 325
Target Price : 400

For 4QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,376cr (V/s Rs2,400cr expected), growing by 5.7% yoy. On the operating front, the OPM came in at 21.4% V/s 21.1% expected and V/s 20.2% in 4QFY2015. The expansion in the OPM was driven b..

Result Updates | May 21st 2016

Visaka Industries Ltd

CMP : 135
Target Price : 162

Visaka Industries posted a good set of numbers for 4QFY2016. Although the top-line declined, the performance on the operating and bottom-line fronts was favorable. The top-line declined by 3.3% yoy to Rs276cr. On the operating front the EBITDA grew by 6.6% yoy to Rs29cr and the EBITDA margin improved by 96bp yoy to 10.4%. There was an exc..

Result Updates | May 19th 2016

Dr Reddys Laboratories Ltd

CMP : 3,015
Target Price : 3,476

For 4QFY2016, Dr Reddy’s Laboratories (DRL) posted results much lower than our estimates. The company posted a 3.0% yoy de-growth in sales to Rs3,756cr V/s Rs4,500cr expected and V/s Rs3,870cr in 4QFY2015. The sales dip mainly happened on account of flat global generics and a 22% dip in the PSAI segment. On the operating front, the EBIT m..

CMP : 984
Target Price : 1,098

National Building Construction Corporation (NBCC) reported a strong 38.8% yoy increase in revenue for 4QFY2016 to Rs2,251cr, which is above our estimate of Rs2,130cr. Revenue growth during the quarter was on account of 45.6% yoy increase in the PMC segment revenue to Rs2,068cr. The segment accounted for 92% of the company’s 4QFY2016 reven..