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Result Updates | Nov 20th 2015

Canara Bank

CMP : 270Target Price :

In its 2QFY2016 results, Canara Bank reported a decline in PAT by 15.6% yoy, mainly due to higher provisions and surge in operating expenses. Loan book grows at a slow pace; NIM rises qoq During 2QFY2016, the bank’s loan book grew by 3.9% yoy with retail loan book growing at a faster pace at 14.3% yoy. The C-D ratio came down to 66.6% fro..

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Result Updates | Nov 20th 2015

NTPC Ltd

CMP : 133Target Price : 157

For 2QFY2016, NTPC’s net sales increased by 6.9% yoy to Rs17,723cr (2.4% below our estimate; and as against Rs16,582cr in the corresponding quarter of last year) led by a 6% yoy increase in coal PLF. Coal PLF improved 407bp to 77.3% as against 73.2% last year. Gas PLF however continued to fall, coming in at 25.7% as against 33.4% last yea..

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Result Updates | Nov 19th 2015

GAIL (India) Ltd

CMP : 309
Target Price :

Gail reported a weak set of numbers for 2QFY2016 with the EBITDA coming in 18% below our estimate. While overall volumes were in line with our expectations, petchem volumes surprised positively, increasing by 68% qoq. The revenue for the quarter, at Rs14,165cr, is in line with our estimate of Rs14,271cr. Gas trading realisations declined ..

Initiating Coverage | Nov 18th 2015

Navneet Education Ltd

CMP : 88
Target Price : 97

Navneet Education’s is primarily engaged in the business of publishing educational material, in both print and digital formats. The company also manufactures paper and non-paper stationary products. Investment Arguments Business expansion to mitigate cyclical risk: NEL’s Publication business is seasonal in nature and any strong growth is ..

Result Updates | Nov 18th 2015

Motherson Sumi Systems Ltd

CMP : 281
Target Price : 313

For 2QFY2016, Motherson Sumi Systems Ltd (MSS)’s results have come in ahead of estimates. The top-line grew strongly by 15% yoy led by robust growth in SMP and pick up in the standalone business. Given the healthy revenue growth and soft commodity prices, the adj net profit grew at a faster pace of 27% yoy. Top-line growth remains strong:..

Result Updates | Nov 18th 2015

Aurobindo Pharma Ltd

CMP : 830
Target Price : 872

For 2QFY2016, Aurobindo Pharma (APL) posted a decent set of results. The company posted a sale of Rs3,280cr (v/s Rs3,320cr expected), a growth of 14.6% yoy. Sales were driven by formulations (which constitute around 79.5% of sales), which grew by 19.9% yoy. The key formulation segments like US, Europe & ROW, and ARV posted a yoy growt..

Result Updates | Nov 18th 2015

Visaka Industries Ltd

CMP : 119
Target Price : 144

For 2QFY2016, Visaka Industries reported a mixed set of numbers. The top-line, at Rs192cr (8.2% yoy decline), was marginally below our estimate of Rs205cr. The EBITDA declined by 21.6% yoy to Rs15cr and the EBITDA margin contracted by 135bp yoy to 7.9%, owing to a 109bp yoy increase in raw material cost as a percentage of sales to 50.2% a..

Result Updates | Nov 18th 2015

Steel Authority of India Ltd

CMP : 45
Target Price :

Steel Authority of India (Sail) reported a weak set of numbers for 2QFY2016 with a loss at the operating and net profit level. While volumes were in line with expectations at 2.74MT (estimate 2.75MT), blended realisations declined 15% yoy to Rs37,388/tonne as against our expectation of a 12% decline. Owing to a higher-than-expected drop i..

Result Updates | Nov 17th 2015

Simplex Infrastructures Ltd

CMP : 319
Target Price :

Simplex Infrastructures (Simplex) reported in-line set of numbers for 2QFY2016. The company reported a top-line of Rs1,392cr, up 11.5% yoy, but slightly below our expectation of Rs1,399cr. The EBITDA for the quarter stood at Rs143cr, ahead of our estimate of Rs141cr while the EBITDA margin expanded by 7bp yoy to 10.3%, for 2QFY2016. Stron..

Result Updates | Nov 17th 2015

Linc Pen & Plastics Ltd

CMP : 165
Target Price : 185

Linc Pen & Plastics (LPPL)s 2QFY2016 results outperformed our estimates on the bottom-line front. The companys top-line for the quarter grew 5% 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 a strong growth ..

Result Updates | Nov 17th 2015

Kirloskar Oil Engines Ltd

CMP : 262
Target Price :

For 2QFY2016, Kirloskar Oil Engines (KOEL) reported a disappointing set of numbers. Its top-line for the quarter declined by 6.0% yoy to Rs590cr. The raw material cost declined by 286bp yoy to 62.3% of sales while employee expense increased by 79bp yoy to 8.5% of sales, and other expenses increased by 405bp yoy to 21.0% of sales. This res..

Result Updates | Nov 17th 2015

Competent Automobiles Ltd

CMP : 144
Target Price :

For 2QFY2016, Competent Auto (Competent) reported a decent set of numbers. The top-line for the quarter grew by 12.2% yoy to Rs220cr, which is slightly lower than our estimate of Rs226cr. The revenue growth is in-line with growth reported by Maruti Suzuki in 2QFY2016, where its top-line grew by 13.1% yoy largely owing to 10% volume growth..