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Company Research Reports

Result Updates | Jan 21st 2016

Rallis India Ltd

CMP : 150Target Price :

Rallis India (Rallis) posted a disappointing set of numbers for 3QFY2016. Sales for the quarter came in at Rs306cr V/s Rs385cr in 3QFY2015, a dip of 20.4% yoy. Higher sales return in the domestic segment and cancellation of orders by clients in global markets, along with a dip in the seed business, led to the decline in the top-line. On t..

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Result Updates | Jan 20th 2016

Infosys Ltd

CMP : 1,139Target Price : 1,347

For 3QFY2016, Infosys posted a 0.6% sequential growth in USD revenues to US$2,407mn (V/s an expected US$2,368mn). In constant currency (CC) terms, the company posted a 1.1% qoq growth. Volume growth during the quarter was of 3.1% qoq. On the operating front, the EBITDA margin came in at 27.2% (V/s an expected 27.0%) dipping by 62bp qoq. T..

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Result Updates | Jan 20th 2016

Asian Paints Ltd

CMP : 845
Target Price :

Asian Paints’ posted a healthy performance for 3QFY2014, both on the top-line as well as the bottom-line front. For the quarter, the company’s top-line grew by 13.9% yoy to Rs4,160cr while the reported Adj.PAT grew ~35% yoy to `499cr. Key highlights: For 3QFY2016, Asian Paints’ consolidated top-line posted a double-digit growth of 13.9% y..

Result Updates | Jan 19th 2016

LIC Housing Finance Ltd

CMP : 463
Target Price : 592

For 3QFY2016, LIC Housing Finance (LICHF) reported an earnings growth of 21.7% yoy with healthy growth of 35.0% yoy in net interest income, led by healthy growth in advances and stable margins. NII rises yoy; Impressive NIMs LICHF’s loan book grew at a healthy pace of 15.2% yoy to Rs1,17,396cr during 3QFY2016. The individual portfolio, wh..

Result Updates | Jan 18th 2016

Hindustan Unilever Ltd

CMP : 811
Target Price :

Hindustan Unilever (HUL)’s performance for 3QFY2014 was slightly below consensus expectations. For the quarter, the company’s top-line grew by 2.7% yoy to Rs7,981cr while the reported PAT grew ~6% yoy to Rs1,026cr. Key highlights: For 3QFY2016, HUL’s top-line rose by 2.7% yoy to Rs7,981cr. The soaps and detergents division posted a flat y..

Result Updates | Jan 15th 2016

Tata Consultancy Services Ltd

CMP : 2,283
Target Price : 2,854

TCS posted a lower than expected top-line for 3QFY2016, while the EBDITA and net profit were in line and higher than expected, respectively. The company posted a 0.3% sequential de-growth in USD revenues to US$4,145mn (V/s our expectation of US$4,177mn). In constant currency terms (CC), the company posted a qoq revenue growth of 0.5%, mai..

Result Updates | Jan 13th 2016

Federal Bank Ltd

CMP : 50
Target Price :

Federal Bank reported a weak set of numbers for 3QFY2016. Its NII grew 3.1% yoy while profit declined on a yoy basis on account of decrease in non-interest income as well as higher provisions. Slippages at peak; NIM falls qoq During 3QFY2016, the bank witnessed a loan growth of 9.8% yoy, while deposits grew by 14.1% yoy. Growth in advance..

Initiating Coverage | Jan 05th 2016

Navkar Corporation Ltd

CMP : 208
Target Price : 265

Navkar Corporation (NCL) is one of the largest container freight station (CFS) at JNPT and also one of the three CFS with rail connectivity that provides it an edge over its peers. The current capacity stands at 310,000 TEUs and it has amongst the highest market share at JNPT mainly owing to this rail advantage. Post the IPO, the company ..

Initiating Coverage | Dec 22nd 2015

Gabriel India Ltd

CMP : 87
Target Price : 101

Gabriel India Ltd (Gabriel) is one of the leading manufacturers of ride control products viz shock absorbers, front forks and struts across automotive segments. It commands a market share of 25% in both two-wheelers and passenger vehicles and is the market leader in commercial vehicles segment with a 75% market share. Recovery in two-whee..

Initiating Coverage | Dec 21st 2015

Voltas Ltd

CMP : 304
Target Price : 353

Voltas is a market leader in the domestic air conditioning space. The Unitary Cooling Products (UCP) division dealing in air conditioning products contributes dominantly to the company’s overall revenues. The other two divisions are the Electro-Mechanical Projects (EMP) division and the Engineering Products Solutions division. Growth in U..

Initiating Coverage | Dec 17th 2015

Bharat Electronics Ltd

CMP : 1,206
Target Price : 1,414

Bharat Electronics (BEL) is a PSU and a leader in the domestic defense electronics space, with major proportion of its revenue coming in from the Indian Navy and Army. Defense spending at an inflexion point: After years of lull, government announced 15.4% yoy increase in Defense Capital Budget to Rs94,588cr. In our view, we are at an infl..

Result Updates | Nov 24th 2015

Tech Mahindra Ltd

CMP : 534
Target Price : 646

Tech Mahindra posted better than expected results for 2QFY2016. The company posted a 2.2% qoq growth in revenue to US$1,011mn V/s an expected US$1,004mn and V/s US$989mn in 1QFY2016. On the EBIDTA front, the EBITDA margin came in at 16.6% V/s 15.9% expected and V/s 14.9% in 1QFY2016. The company posted an EBIT margin of 13.7% V/s 13.1% ex..