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Company Research Reports

Company Reports

Result Updates | Feb 01st 2016

Jagran Prakashan Ltd

CMP : 160Target 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..

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Result Updates | Jan 30th 2016

Bharat Electronics Ltd

CMP : 1,254Target 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..

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Result Updates | Jan 30th 2016

Maruti Suzuki India Ltd

CMP : 4,097
Target Price :

Operating results meet estimates, lower other income drags profitability: Maruti Suzuki India Ltd (MSIL) 3QFY2016 operating results adjusted for one off items were in line with our estimates. MSIL revenues, expectedly grew 20% yoy to Rs15,082 cr driven majorly by a robust 16% volume growth. New product launches coupled with robust festive..

Result Updates | Jan 29th 2016

Housing Development Finance Corporation Ltd

CMP : 1,148
Target Price :

HDFC posted a modest 6.7% yoy increase in PAT for 3QFY2016, which is marginally lower than our expectation. The NII for the quarter grew 9.0% yoy, which again is slightly lower than our expectation, due to moderate growth in advances. The company witnessed a pick-up in non-individual loans and hence had to take extra provisions during the..

Result Updates | Jan 29th 2016

ICICI Bank Ltd

CMP : 230
Target Price : 254

ICICI Bank reported a disappointing set of results for 3QFY2016. Though operating numbers remained decent, a sharp increase in slippages was the key negative during the quarter. The bank booked profit of `1,243cr on sale of 4% stake in its life insurance business during the quarter. Healthy growth in advances, backed by retail loans: Duri..

Result Updates | Jan 29th 2016

Power Grid Corporation of India Ltd

CMP : 148
Target Price : 165

For 3QFY2016, Power Grid Corporation of India (PWGR) reported a strong 23% yoy increase in transmission revenues to `5,143cr (5.5% ahead of our estimate of `4,925cr), on account of higher than expected capitalisation. Capitalisation for the quarter stood at `17,207cr, led by the commissioning of the Biswanath Chariyali – Agra HVDC transmi..

Result Updates | Jan 28th 2016

Siyaram Silk Mills Ltd

CMP : 1,104
Target Price : 1,354

Siyaram Silk Mills (SSML)’ results for 3QFY2016 have come in above our estimates. The company has reported a healthy top-line and bottom-line growth. Healthy top-line growth: The top-line for the quarter grew by 26% yoy to Rs416cr. Underperformance at the EBITDA level: The EBITDA for the quarter grew by ~35% yoy to RS47cr and the EBITDA m..

Result Updates | Jan 28th 2016

South Indian Bank Ltd

CMP : 19
Target Price :

South Indian Bank (SIB) reported a moderate set of numbers for 3QFY2016. Its net profit rose by 15.6% to Rs101.6cr, helped by strong NII growth of 27.1% yoy, thereby partially offsetting the impact of rise in provisions. However, the asset quality continued to slide further with slippages increasing to 3.93% and with Gross and Net NPA rat..

Result Updates | Jan 27th 2016

Hindustan Media Ventures Ltd

CMP : 275
Target Price :

For 3QFY2016, Hindustan Media Ventures Ltd (HMVL) reported earnings above our estimates. The top-line growth was healthy with strong growth in advertising and circulation revenue. Advertising revenue growth for the quarter was strong due to festive season and state elections in Bihar. On the operating front too, the company’s performance ..

Result Updates | Jan 27th 2016

HCL Technologies Ltd

CMP : 840
Target Price : 1,038

HCL Technologies (HCL Tech) reported better-than-expected results for 2QFY2016. It posted a sales growth of 1.4% qoq to US$1,566mn V/s an expected US$1,568mn. In constant currency (CC) terms, revenue grew 2.1% qoq. On the operating front, the EBITDA margin came in at 21.5% (V/s an expected 20.9%) an uptick of 58bp qoq. Consequently, the P..

Result Updates | Jan 27th 2016

Hindustan Zinc Ltd

CMP : 151
Target Price : 170

For 3QFY2016, Hindustan Zinc (HZL) reported a 11% yoy decline in revenue to Rs3,385cr, in line with estimates, led by a 17% decline in zinc revenues as higher volumes and rupee depreciation benefits were offset by lower realizations on account of a decline in LME prices and zinc premiums. Mined metal production declined 13% yoy to 2,40,00..

Result Updates | Jan 27th 2016

ITC Ltd

CMP : 310
Target Price : 359

ITC posted a poor set of numbers for 3QFY2016, both on the top-line and bottom-line fronts. The top-line was subdued due to lower growth in Cigarettes & Hotel businesses and de-growth in Agri business, which in turn resulted in a lower profitability of the company. Key highlights: ITC’s net sales for the quarter grew by 2.6% yoy to Rs..