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Company Research Reports

Company Reports

Result Updates | Jan 27th 2016

Hindustan Media Ventures Ltd

CMP : 275Target 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 ..

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Result Updates | Jan 27th 2016

HCL Technologies Ltd

CMP : 840Target 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..

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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..

Result Updates | Jan 27th 2016

HDFC Bank Ltd

CMP : 1,040
Target 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 ..

Result Updates | Jan 27th 2016

UltraTech Cement Ltd

CMP : 2,755
Target 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..

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..