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Company Research Reports

Company Reports

Result Updates | Jan 27th 2016

HDFC Bank Ltd

CMP : 1,040Target Price : 1,262

HDFC Bank continued its trend of delivering consistent earnings performances. For 3QFY2016, it registered a net profit growth of 20.1% yoy, which is in line with our expectation. Advances grow strongly; Asset quality top-notch During 3QFY2016, the loan book grew at a rapid pace, ie by 25.7% yoy. Retail growth picked further traction; the ..

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Result Updates | Jan 27th 2016

UltraTech Cement Ltd

CMP : 2,755Target Price : 3,107

UltraTech Cement (UltraTech)’s 3QFY2016 numbers have come in better than our expectations on the top-line and operational fronts. The company’s net sales rose by 4.7% yoy to Rs5,747cr, aided by better than expected volume growth of 7.1% yoy. Blended realization was under pressure, down by 2.3% yoy, and was slightly lower than our estimate..

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Result Updates | Jan 22nd 2016

Axis Bank Ltd

CMP : 409
Target Price : 531

Axis Bank reported a positive set of numbers on the operating front for 3QFY2016 with PAT growing by 14.5% yoy to Rs2,175.3cr surpassing street as well as our expectations. Asset quality deteriorated with surge in gross and net NPA ratios to 1.68% and 0.75% from 1.38% and 0.48% sequentially. Slippages at elevated levels; Advances growth r..

Result Updates | Jan 22nd 2016

Reliance Industries Ltd

CMP : 985
Target Price : 1,120

Reliance Industries (RIL)’ net sales for 3QFY2016 declined by 27% yoy to Rs68,261cr as against Rs93,528cr in the corresponding quarter last year, due to fall in crude oil prices. The EBITDA however increased by 31% yoy to Rs11,368cr (marginally below our estimate), led by strong gross refining margin (GRM) and better-than-expected EBITDA ..

Result Updates | Jan 21st 2016

Rallis India Ltd

CMP : 150
Target 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..

Result Updates | Jan 20th 2016

Infosys Ltd

CMP : 1,139
Target 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..

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 ..