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CMP : 280Target 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..

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CMP : 161Target Price :

Gujarat Pipavav Port Ltd (GPPL) reported a poor set of numbers for 2QFY2016, with its top-line declining by 10.6% yoy/18.8% qoq to Rs140cr. The top-line degrowth on yoy basis was owing to (1) 24% decrease in Container volumes (to 145,000 TEUs), and (2) 39% decrease in Bulk business (to 628,000MT). EBITDA for the quarter stood at Rs68cr, d..

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Oct 30th 2015

MRF Ltd

CMP : 39,692
Target Price : 45,575

For 4QFY2016, MRF beat our estimates on the EBITDA and bottom-line fronts. The top-line for the quarter remained flat on a yoy basis at Rs3,330cr (it declined marginally by 0.9% yoy). Raw material cost as a percentage of sales declined by 589bp yoy to 53.6%, thus aiding EBITDA margin expansion by 530bp yoy to 23.4%. Depreciation expense g..

CMP : 1,346
Target Price :

Hitachi Home & Life Solutions (India) Ltd (HHLS) reported a disappointing set of numbers for 2QFY2016. Although the decline in the top-line is of 1.2% on a yoy basis to Rs251cr, but the same is far lower than our expectation of Rs320cr. HHLS reported an EBITDA loss of Rs4.5cr for the quarter as against a positive EBITDA of Rs16.3cr in..

Oct 30th 2015

Yes Bank Ltd

CMP : 744
Target Price : 914

Yes Bank reported a healthy set of numbers for 2QFY2016 with the PAT outperforming our estimates, growing 26.5% yoy to Rs610.4cr. The growth was led by surge in net interest income (NII) as well as lower than expected provisions. The bank registered a CASA ratio of 25.5%, for the quarter. Advances growth high; consistent performance on th..

Oct 30th 2015

Sanofi India Ltd

CMP : 4,262
Target Price :

Sanofi India (Sanofi)’s 3QCY2015 results have come in marginally higher than our expectation. The company posted a 13.4% yoy growth in revenues to Rs553cr V/s an expected Rs536cr. On the operating front, the gross margin came in at 52.0% V/s an expected 48.3% and V/s 48.2% in the corresponding period of last year. The OPM came in at 19.7%..

CMP : 425
Target Price :

For 2QFY2016, Cadila Healthcare (Cadila) posted better than expected on the OPM front. Sales came in at Rs2,374cr (V/s our estimate of Rs2,500cr), a yoy growth of 15.0%. In terms of geographies, US, India and Emerging Markets grew by 25.2%, 10.3% and 34.9% yoy, respectively. On the operating front, the GPM came in at 66.0% V/s 60.2% in 2Q..

Oct 30th 2015

Ambuja Cements Ltd

CMP : 207
Target Price : 233

For 3QCY2015, Ambuja Cements (ACEM) reported an in line set of numbers on the operational front. The company reported a 1.7% yoy growth in cement volumes to 4.9mt (marginally below our estimate of 4.95mt). The realization/tonne declined by 5.8% yoy to Rs4,276 (below our estimate of Rs4,345). The EBITDA fell by 21.2% yoy to Rs310.1cr (in l..

CMP : 4,496
Target Price : 4,960

Results in line with estimates: Maruti Suzuki India Ltd (MSIL)s 2QFY2016 results have come in in line with our estimates. Its revenues grew 13% yoy to `13,934cr, in line with our expectations of `14,007cr. Volumes grew 10% yoy while the realization/vehicle grew 3% yoy on account of a better product mix. MSIL maintained its record high mar..

CMP : 316
Target Price :

Wonderla Holidays 2QFY2016 results have come in ahead of our expectations. The top-line growth was strong due to healthy growth in footfalls and increase in average realization. Further, a favorable operating performance led to a higher PAT growth for the quarter. Strong top-line performance, led by healthy growth in footfalls: The compan..

Oct 28th 2015

Axis Bank Ltd

CMP : 483
Target Price : 630

Axis Bank reported a moderate set of numbers for 2QFY2016 with 8.9% yoy growth in profit to Rs. 1,915.6cr, which is in line with our expectations. However, the asset quality took a severe hit with stressed assets increasing to Rs. 2,866cr (slippages + sale to ARCs + restructuring). However, the bank had pre-emptively made provisions for t..

CMP : 1,275
Target Price :

For 2QFY2016, HDFC posted an 18.2% yoy increase in PAT, which is broadly inline with our expectation. The NII for the quarter grew 6.2% yoy, which is slightly below our expectation due to moderate growth in advances. Loan book growth moderate; Asset quality fairly stable For 2QFY2016, HDFC’s loan book grew by 12.1% yoy, with loans to the ..