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Company Research Reports

Company Reports

Result Updates | Feb 03rd 2016

Transport Corporation of India Ltd

CMP : 242Target 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..

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Result Updates | Feb 03rd 2016


CMP : 416Target 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 ..

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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..

Result Updates | Feb 01st 2016

TVS Motor Company Ltd

CMP : 295
Target Price : 322

In line numbers adjusted for one offs: TVS Motor Company (TVSM)’s 3QFY2016 results adjusted for one-off items have come in in line with our estimates. Revenues grew 11% yoy to Rs2,940cr, driven majorly by an 8% yoy growth in volumes. Market share gains on back of success of new launches enabled TVSM to post healthy volume growth during th..

Result Updates | Feb 01st 2016

Jagran Prakashan Ltd

CMP : 160
Target Price : 189

For 3QFY2016, Jagran Prakashan (JPL)’s consolidated top-line grew by 22.5% yoy, mainly due to strong growth in the advertisement segment. The Radio City business’ revenue has also been added to the overall advertising revenue. However, circulation revenue showed lower growth during the quarter. The company reported strong profitability on..

Result Updates | Jan 30th 2016

Bharat Electronics Ltd

CMP : 1,254
Target Price : 1,414

Bharat Electronics Ltd. (BEL) reported mixed set of numbers. BEL reported 5.1% yoy decline in its top-line to Rs1,500cr, which is below our estimate of Rs1,713cr. Surprise from results has been on EBITDA margin front. Against our expectation of 16.3%, BEL reported impressive 18.4% margins, mainly led by inventory gains. In-line with EBITD..