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Nov 04th 2015

Rallis India Ltd

CMP : 206Target Price :

Rallis India (Rallis) posted disappointing results for 2QFY2016. Sales for the quarter came in at Rs499.7cr V/s Rs635.9cr in 2QFY2015, a dip of 21.4% yoy. Sales were adversely impacted due to poor monsoon in India, while the international market also faced pressure with Brazil (a key market for the company) witnessing a severe drought. In..

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Nov 04th 2015

UPL Ltd

CMP : 451Target Price : 510

For 2QFY2016, United Phosphorous (UPL) posted a 4.2% yoy growth in sales to Rs2,729cr. The volume growth during the period was of 13% yoy, while price increases contributed around 2% yoy. The exchange rate on the other hand, impacted adversely by 11% yoy. On the operating front, the gross margins came in at 49.9% V/s 50.5% in 2QFY2015, wh..

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Nov 04th 2015

Nilkamal Ltd

CMP : 1,172
Target Price :

Nilkamal reported a good set of numbers for 2QFY2016. It posted a top-line growth of 5.1% yoy to Rs482cr and a significant improvement in profitability. The raw material cost as a percentage of sales declined by 603bp yoy to 58.5%. However, the employee cost and other expenses increased by 55bp yoy and 176bp yoy to 6.7% and 24.3% of sales..

Nov 03rd 2015

India Cements Ltd

CMP : 84
Target Price : 112

India Cements (ICEM)’ operating performance for 2QFY2016 has come in better than our and street estimates. ICEM reported an EBITDA growth of 27.6% yoy to Rs228.6cr, which is above our estimate of Rs193.9cr. The EBITDA margin improved by 536bp and came in at 21.2%, which is above our estimate of 17.7%. Consequently the net profit jumped to..

Nov 03rd 2015

ICICI Bank Ltd

CMP : 279
Target Price : 348

ICICI Bank reported a decent set of number for 2QFY2016, with PAT growth of 11.9% yoy to Rs3,030cr (in-line with our expectation). Healthy growth in retail advances During 2QFY2016, the bank’s advances grew by 13.3% yoy (2.5% qoq), aided by healthy retail loan book growth of 25.2% yoy. The main drivers leading to the growth in the retail ..

Nov 03rd 2015

Blue Star Ltd

CMP : 380
Target Price :

Blue Star reported an in-line set of numbers for 2QFY2016, posting an 11.6% yoy increase in top-line to Rs717cr. On the operational front, net raw material cost as a percentage of sales increased by 330bp yoy to 70.2%. However, this was offset by a 102bp yoy and 199bp yoy decline in Employee and Other expenses to 8.9% and 17.1% of sales, ..

Nov 03rd 2015

ITC Ltd

CMP : 337
Target Price : 382

ITC posted a poor set of numbers for 2QFY2016, both on the top-line and bottom-line fronts. The top-line was subdued due to underperformance across segments, barring other FMCG and Hotel businesses, which in turn resulted in a lower profitability of the company. Key highlights: ITC’s net sales for the quarter declined by 1.3% yoy to Rs8,9..

Nov 02nd 2015

Bharat Forge Ltd

CMP : 862
Target Price : 1,025

For 2QFY2016, Bharat Forge Ltd (BFL)s results have come in below our estimates. The top-line declined marginally, led by a steep decline in industrial exports which is owing to weakness in the oil and gas segment. A subdued top-line and adverse mix (industrial exports have high machining component) negated most of the benefits of lower st..

CMP : 3,295
Target Price :

For 2QFY2016, Glaxo Smithkline Pharma (GSK Pharma) reported a disappointing set of numbers, due to lower- than-expected sales. Sales came in at Rs692cr (V/s Rs720cr expected), a dip of 6.4% yoy, which was due to supply constraints. On the operating front, the company’s gross margins for the quarter came in at 56.4% V/s 53.5% in 2QFY2015. ..

Nov 02nd 2015

Wipro Ltd

CMP : 573
Target Price : 719

Wipro posted a 2.1% qoq growth in IT revenue to US$1,832mn for 2QFY2016 (V/s an expected US$1,826mn). In Constant Currency terms (CC), the company posted a 3.1% qoq revenue growth. On the EBIDTA front, margins came in at 21.7% V/s an expected 21.3%. The EBIT margin came in at 19.0% V/s (18.7% expected), a qoq expansion of 44bp. The IT ser..

Nov 02nd 2015

Larsen & Toubro Ltd

CMP : 1,411
Target Price : 1,646

Standalone numbers disappoint: For 2QFY2016, Larsen & Toubro (L&T) reported a 4.1% yoy increase in its standalone top-line to Rs13,234cr. The revenue growth was subdued, reflecting revenue de-growth across Metallurgical and Material Handling (MMH) and Heavy Engineering (HE) segments. The EBITDA margin for the quarter is down 290bp..

CMP : 280
Target Price :

Transport Corporation of India Ltd (TCIL)s earnings has come in below our estimates, for 2QFY2016. The top-line was flat on a yoy basis, mainly due to poor performance of all business segments, barring Seaways, which reported a growth of ~11% yoy. On the operating front, the company showed a slight improvement in margins. Further, lower i..