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CMP : 79Target 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..

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Nov 05th 2015

J K Cements Ltd

CMP : 647Target 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..

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CMP : 146
Target Price : 169

For 2QFY2016, Jagran Prakashan (JPL)’s consolidated top-line grew by 19% yoy, mainly due to strong growth in the advertisement segment. The acquisition of the Radio City business in 1QFY2016 added to the advertising revenue. However, circulation revenue showed lower growth during the quarter. The company reported strong profitability on a..

Nov 04th 2015

UPL Ltd

CMP : 451
Target 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..

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 04th 2015

Rallis India Ltd

CMP : 206
Target 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..

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 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 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. ..