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Result Updates | May 11th 2016

Inox Wind Ltd

CMP : 242Target Price : 286

Inox Wind Ltd. (IWL) reported below than expected set of revenue and bottom-line numbers. IWL reported top-line of `1,828cr, below our expectations. Inox reported 96.9% yoy top-line increase, reflecting 328MW of Turnkey sale volume. On the back of strong execution IWL reported 83.3% yoy increase in EBITDA to Rs312cr. Reported EBITDA is be..

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Result Updates | May 11th 2016

Hindustan Unilever Ltd

CMP : 862Target Price :

Hindustan Unilever (HUL)’s performance for 4QFY2016 was slightly below consensus expectations. For the quarter, the company’s top-line grew by 3.5% yoy to Rs7,946cr while the reported PAT grew ~7% yoy to Rs1,090cr. Key highlights: For 4QFY2016, HUL’s top-line rose by 3.5% yoy to Rs7,946cr on the back of 4% volume growth. The soaps and det..

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Result Updates | May 09th 2016

Alembic Pharmaceuticals Ltd

CMP : 600
Target Price :

Alembic Pharmaceuticals’ 4QFY2016 results have come in below our expectations, on the sales front. The company posted sales of Rs626cr (V/s Rs763cr expected) for the quarter, registering a yoy growth of 24.7%. The growth in sales was driven by international formulations (Rs190.2cr) which grew 20% yoy, while Indian formulations (Rs259.6cr)..

Result Updates | May 06th 2016

Sanofi India Ltd

CMP : 4,410
Target Price : 4,738

Sanofi India (Sanofi)’s 1QCY2016 results have come in lower than our expectation; the company posted a 10.1% yoy growth in revenue to Rs506cr V/s an expected Rs593cr. On the operating front, the gross margin came in at 52.1%, almost in line with our expectation, and V/s 47.8% in the corresponding period of last year. The OPM came in at 18..

Result Updates | May 06th 2016

Procter & Gamble Hygiene and Health Care Ltd

CMP : 6,404
Target Price : 7,369

Procter & Gamble Hygiene and Health Care (P&G)’s 3QFY2016 results are broadly in-line with our estimates. For the quarter, the company’s top-line grew by ~11% yoy to Rs614cr while the reported PAT grew ~12% yoy to Rs97cr. Key highlights: For 3QFY2016, the company’s top-line grew by ~11% yoy to ~Rs614cr (against our estimate of ~Rs..

Result Updates | May 06th 2016

Sadbhav Engineering Ltd

CMP : 252
Target Price : 298

Sadbhav Engineering (SEL) reported an impressive Adj. PAT for 4QFY2016. On the top-line front, it reported an 11.3% yoy decline to Rs858cr, which is lower than our estimates. Lower contribution from the in-house BOT portfolio led to such revenue decline. Further, higher employee expenses in addition to low contribution from in-house BOT p..

Result Updates | May 06th 2016

Dewan Housing Finance Corporation Ltd

CMP : 197
Target Price : 270

For 4QFY2016, Dewan Housing Finance Ltd (DHFL) reported a 17% growth in PAT to Rs190cr, which is lower than our expectation. The miss was on account of lower-thanexpected loan growth; however, on other operating parameters the company’s performance remained satisfactory. Loan growth remained decent: DHFL reported a 17.3% growth in loans d..

Result Updates | May 04th 2016

Axis Bank Ltd

CMP : 470
Target Price : 494

Axis Bank has come out with a mixed set of numbers for 4QFY2016. The NII grew 19.8% yoy to Rs4,553cr, in line with our expectations. However, higher than expected provision led to a 1.2% decline in PAT to Rs2,154cr. Advances growth remains healthy; During 4QFY2016, the bank reported an advance growth of 21.0% yoy, while deposits grew by 1..

Result Updates | May 03rd 2016


CMP : 595
Target Price : 684

For 4QFY2016, United Phosphorus (UPL) posted sales of Rs4,292cr, up 20.5% yoy, mainly led by 25% growth in volume and a 1% rise in price. The exchange rate dipped by 6.0% during the quarter. In terms of geography, Latin America (Rs1,428cr), Europe (Rs872cr), USA (Rs971cr), and India (Rs417cr) posted a yoy growth of 57%, 8%, 13% and 4%, re..

Result Updates | Apr 29th 2016

Rallis India Ltd

CMP : 196
Target Price :

For 4QFY2016, Rallis India (Rallis) posted sales of Rs342cr V/s Rs315cr in 4QFY2015, a growth of 8.6% yoy. The same was driven by higher offtake in export orders which have been getting differed since the past two quarters due to a challenging environment faced by global companies. Domestic growth continued to remain muted during the quar..

Result Updates | Apr 27th 2016

Tata Consultancy Services Ltd

CMP : 2,488
Target Price : 3,004

For 4QFY2016, TCS posted revenue of US$4,207mn (V/s US$4,215mn expected), up 1.5% qoq. The growth was mostly volume led, which grew by 3.2% qoq. In constant currency (CC) terms, the company posted a qoq revenue growth of 2.1%. In rupee terms, revenues grew by 4.0% qoq to Rs28,448cr (V/s Rs28,454cr expected), led by rupee depreciation. The..

Result Updates | Apr 25th 2016

Infosys Ltd

CMP : 1,214
Target Price : 1,378

For 4QFY2016, Infosys posted revenues of US$2,454mn (V/s US$2,446mn expected), up 1.6% qoq. In constant currency (CC) terms, the growth is of ~1.9%. Volume growth during the period is of 2.4% qoq. On the operating front, the EBIT margin came in at 25.5% vs our expectation of 25.2% and vs 24.9% in 3QFY2016, ie an expansion of 60bp qoq. The..