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Company Research Reports

Company Reports

Result Updates | Feb 06th 2016

Eicher Motors Ltd

CMP : 18,128Target Price : 20,044

Results in line with estimates: Eicher Motors’ 4QFY2016 consolidated results have come in in line with our estimates. Consolidated revenues grew 45% yoy to Rs3,316cr, coming broadly in line with our expectation. The 2W business (Royal Enfield)’s top-line grew strongly by 55% yoy to Rs1,284cr, driven largely by volume growth. The VECV segm..

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Result Updates | Feb 05th 2016

Blue Star Ltd

CMP : 353Target Price : 439

Blue Star’s standalone numbers for 3QFY2016 have come in in-line with our estimates. The top-line for the quarter reported an impressive 15.1% yoy increase to Rs686cr. Raw material cost as a percentage of sales increased by 175bp yoy to 68.9% but the same got offset by a 94bp yoy and 341bp yoy decline in Employee and Other expenses as a p..

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Result Updates | Feb 04th 2016

Amara Raja Batteries Ltd

CMP : 863
Target Price : 1,039

Results ahead of estimates: Amara Raja Batteries Ltd (ARBL)’s 3QFY2016 results have come in ahead of our estimates, driven by a strong operating performance. On the expected lines, the company’s top-line grew by a healthy 16% yoy to Rs1,225cr. The Automotive segment, forming about 55% of revenues, grew in double digits on back of market s..

Result Updates | Feb 03rd 2016

Transport Corporation of India Ltd

CMP : 242
Target Price :

Transport Corporation of India Ltd (TCIL)’s top-line & bottom-line for 3QFY2016 came in below our estimates. The top-line has come in flat on a yoy basis, with all business segments posting poor performances, barring the Seaways division. On the operating front, the company showed a slight improvement in margins. Further, lower intere..

Result Updates | Feb 03rd 2016

UPL Ltd

CMP : 416
Target Price : 480

For 3QFY2016, United Phosphorus (UPL) posted sales of Rs3,050cr, a yoy growth of 1.3%. Overall, growth was driven by price and volume growth of 3% and 11% respectively, while exchange had a weigh down effect by 13%, which impacted the sales. On the operating front, the OPM came in at 19.0% V/s 17.9% in 3QFY2015. This is in spite of lower ..

Result Updates | Feb 02nd 2016

Yes Bank Ltd

CMP : 772
Target Price :

Yes Bank reported a healthy performance during 3QFY2016 with PAT growth of 25.1% yoy to Rs675.7cr, which is above our expectation. The NII for the bank grew strong by 27.3% yoy on account of strong growth in advances and Retail & CASA deposits. Advances and deposits growth remains strong: During the quarter, advances grew at a healthy..

Result Updates | Feb 02nd 2016

Kirloskar Oil Engines Ltd

CMP : 235
Target Price :

Kirloskar Oil Engines (KOEL) reported a disappointing set of numbers for 3QFY2016. Its top-line for the quarter declined by 1.8% yoy to Rs601cr. Employee expense as a percentage of sales increased by 34bp yoy to 8.5%, and other expenses as a percentage of sales increased by 181bp yoy to 19.6% of sales. This resulted in the EBITDA margin c..

Result Updates | Feb 02nd 2016

Indoco Remedies Ltd

CMP : 323
Target Price :

For 3QFY2016, Indoco Remedies (Indoco)’ results were in line with our expectations on the sales front, while the net profit came in lower owing to a lower than expected OPM. The company posted sales of Rs255cr (V/s Rs257cr estimated), a growth of 19.6% yoy. The growth during the quarter came in through exports (Rs112.1cr) which rose 34.6%..

Result Updates | Feb 02nd 2016

Gujarat Pipavav Port Ltd

CMP : 156
Target Price :

For 3QFY2016, Gujarat Pipavav Port (GPPL) reported 10.3% yoy decline in revenues to Rs152cr. On sequential basis revenue was up 8.3%. Reported top-line number is below our expectation of Rs170cr. Top-line de-growth on a yoy basis is on account of (1) 9.2% decrease in Container business volumes (to 178,000TEUs), and (2) 63.3% decrease in D..

Result Updates | Feb 02nd 2016

Larsen & Toubro Ltd

CMP : 1,122
Target Price : 1,310

Standalone numbers disappoint: For 3QFY2016, Larsen & Toubro (L&T) reported 1.5% yoy decrease in its top-line to Rs14,774cr, reflecting revenue de-growth across Infrastructure and Others segments. The EBITDA margin for the quarter is down 368bp yoy to 6.8%, on account of surge in SAO and employee expenses. The PAT came in at Rs791..

Result Updates | Feb 02nd 2016

Alembic Pharmaceuticals Ltd

CMP : 618
Target Price :

Alembic Pharmaceuticals (Alembic Pharma) posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs921cr V/s Rs507cr in 3QFY2015 (and V/s an expected Rs700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulati..

Result Updates | Feb 01st 2016

Nilkamal Ltd

CMP : 1,346
Target Price :

Nilkamal (NILK) reported an in-line set of numbers for 3QFY2016. The top-line reported a modest growth of 1.8% yoy to `428cr. The raw material cost as a percentage of sales declined by 738bp yoy to 54.8% owing to declining in polymer prices. However, the employee cost and other expenses increased by 176bp yoy and 217bp yoy to 8.6% of sale..